Prepare a cash distribution plan as of september 30 2009, Ask an Expert

Accounting

The partners share profits and losses as follows: Rachel, 50 percent; Adams, 30 percent; and Nixon, 20 percent. The partners are considering an offer of $180,000 for the accounts receivable, inventory, and plant and equipment as of September 30. The $180,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.

Required:
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973169

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