As of january 1 2011 the partnership of canton yulls and, Ask an Expert

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As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:

Cash 80,000
noncash assets 205,000
liabilities 47,000
canton, capital (30%) 138,000
Yulls, capital (40%) 119,500
Garr, capital (30%) -19,500

The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.How much of the existing cash balance could be distributed safely to partners at this time?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968798

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