Solution-Determine how cash should be distributed to

Determine how cash should be distributed to creditors

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Reference no: EM13555954

Liquidation-Cash distribution computation, safe payments schedule

Jan, Kim, and Lee announce plans to liquidate their partnership immediately. The assets, equities, and profit and loss sharing ratios are summarized as follows.

Loan to Kim	$ 20,000	Accounts payable	$ 60,000
Other assets	180,000	Jan capital (50%)	59,000
	$200,000	Kim capital (30%)	29,000
		Lee capital (20%)	52,000
			$200,000

The other assets are sold for $120,000, and an overlooked bill for landscaping services of $5,000 is discovered. Kim cannot pay her partnership debt at the present time, but she expects to have the money in a month or two.

REQUIRED: Determine how cash should be distributed to creditors and partners.

Reference no: EM13555954

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Determine how cash should be distributed to creditors

Reference no: EM13555954

Reference no: EM13555954

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