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Estimate the amount of cash each brother will receive

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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.

Reference no: EM132856645

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