A partnership has gone through liquidation and now reports the following account balances $ 16,000 3,000 (2.000) (deficit) (5,000) (deficit 13,000 Cash Loan from Malin capital Molina, capital Pinckney, capital Diar, capital Profits and losses are allocated on the following besis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diar, 20 percent Required: Calculete the safe payments that can be made to individual partners. Aded balances (sale payments) Male 1600 OS 10.600 Dias s 1,400 -

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A partnership has gone through liquidation and now reports the following account balances:
Cash
$16,000
3,000
Loan from Malina
Ashean, capital
Molina, capital
Pinckney, capital
Diaz, capital
(2,000) (deficit)
(5,000) (deficit!
13,000
7,000
Profits and losses are allocated on the following basis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diaz, 20
percent.
Required:
Calculate the safe payments that can be made to individual partners.
Adjusted balances (sale payments)
Molina
Finckney
Dies
5 2.400 $ 16000 10,000 $ 5,400
Transcribed Image Text:A partnership has gone through liquidation and now reports the following account balances: Cash $16,000 3,000 Loan from Malina Ashean, capital Molina, capital Pinckney, capital Diaz, capital (2,000) (deficit) (5,000) (deficit! 13,000 7,000 Profits and losses are allocated on the following basis: Ashman, 30 percent Molina, 20 percent, Pinckney, 30 percent and Diaz, 20 percent. Required: Calculate the safe payments that can be made to individual partners. Adjusted balances (sale payments) Molina Finckney Dies 5 2.400 $ 16000 10,000 $ 5,400
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