Reference no: EM132784201
ABC Co. is undergoing liquidation. Information before the start of the liquidation process is as follows:
Cash 10,000 Accounts payable 80,000
Accounts receivable 80,000 Payable to B 20,000
Receivable from A 10,000 A, Capital (50%) 250,000
Inventory 180,000 B, Capital (30%) 150,000
Equipment, net 320,000 C, Capital (20%) 100,000
Total 600,000 Total Liab. & Equity 600,000
Problem1 : The total cash distributed to the partners after the first and second sales of noncash assets were $12,000 and $30,000, respectively. How much cash did B receive in the first cash distribution?
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How much cash did b receive in the first cash distribution
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