ASSIGNMENT 05: The December 31, 2019 ledger balances of Bassig, Bayani and Benito, who share profits and losses, 50%, 25% and 25%, respectively, are as follows: Cash Accounts receivable Allowance for bad debts Accounts payable Benito, loan Salary payable to Bassig Bassig, capital Bayani, capital Benito, capital 19,000 197,000 6,000 77,000 9,000 6,000 50,000 28,000 40,000 At this date, the firm decided to liquidate and the succeeding activities are as follows: January February March Cash collection from customers 112,000 36,000 35,000 Payments in full settlement of liabilities. 38,000 38,000 --- Paid liquidation expenses 4,400 2,800 Cash payment to partners 16,000 19,800 4,000 remainder Instructions: 1. Prepare statement of liquidation 2. Cash priority program and corresponding of cash distribution to partners

ASSIGNMENT 05: The December 31, 2019 ledger balances of Bassig, Bayani and Benito, who share profits and losses, 50%, 25% and 25%, respectively, are as follows: Cash Accounts receivable Allowance for bad debts Accounts payable Benito, loan Salary payable to Bassig Bassig, capital Bayani, capital Benito, capital 19,000 197,000 6,000 77,000 9,000 6,000 50,000 28,000 40,000 At this date, the firm decided to liquidate and the succeeding activities are as follows: January February March Cash collection from customers 112,000 36,000 35,000 Payments in full settlement of liabilities. 38,000 38,000 --- Paid liquidation expenses 4,400 2,800 Cash payment to partners 16,000 19,800 4,000 remainder Instructions: 1. Prepare statement of liquidation 2. Cash priority program and corresponding of cash distribution to partners

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9E: Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton...

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