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A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total...

A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business’s balance sheet prior to the commencement of liquidation is as follows:

Cash $ 27,000 Liabilities $ 40,000
Noncash assets 254,000 Simpson, capital (20%) 18,000
Hart, capital (40%) 40,000
Bobb, capital (20%) 48,000
Reidl, capital (20%) 135,000
Total assets $ 281,000 Total liabilities and capital $ 281,000

Prepare a predistribution plan for this partnership.

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ekkarill92 answered 1 year ago
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