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Question - The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have asked you to estimate the amount of cash that each brother will receive. They share profits and losses equally.
Cash $19,000
Liabilities $16,000
Noncash Assets 102,000
Doug, Capital 57,000
Dave, Capital 55,000
Dan, Capital (7,000)
Total Balance Assets $121,000
Total Balance Liabilities $121,000
Both Doug and Dave are personally solvent, but Dan is not. They estimate that they will receive $57,000 from the sale of the noncash assets.
Required - Show the schedule to estimate the amount of cash each brother will receive.
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Show the effects of the three above transactions in a horizontal statements model like the one shown below:
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