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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:L, M, and N are in the process of liquidating their partnership. Since it may take several months to
convert the other assets into cash, the partners agree to distribute all available cash immediately,
except for $12,000 which is set aside for contingent expenses. The balance sheet and residual
profit and loss sharing percentages are as follows:
Cash
500,000
Accounts payable
Other assets 225,000
L, capital (20%)
Select one:
O
O
O
N, capital (50%) 262,000
Using a safe payment schedule, how much cash should M receive in the first distribution?
O
M, capital (30%)
a. 198,900
b. 120,600
c. 0
d. 143,500
25,000
168,000
270,000
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- But why? for number 3arrow_forwardneed help with question 6arrow_forwardZina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forward
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