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Accounting

Mark, Ryan and Lacy are partners with the following capital accounts
Mark $40,000
Ryan $20,000
Lacy $5,000
the balance sheet of the partnership looks as follows:

cash $40,000
a/r $55,000
land $50,000

accts payable 80,000

a) the parternership is liquidating, determine the safe distribution available to each partner

b) the accounts receivable are all collected, now determine the safe distribution available to each partner.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939271

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