Reference no: EM132673050
Question - The Pen, Evan, and Torves Partnership have asked you to assist in winding-up its business affairs. You compile the following information.
1. The partnership's trial balance on June 30, 20X1, is
Debit Credit
Cash $5,500
Accounts Receivable (net) 20,000
Inventory 11,500
Plant and Equipment (net) 90,000
Accounts Payable $ 14,200
Pen, Capital 51,300
Evan, Capital 42,500
Torves, Capital 19,000
Total $127,000 $127,000
2. The partners share profits and losses as follows: Pen, 60 percent; Evan, 20 percent; and Torves, 20 percent.
3. The partners are considering an offer of $104,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $104,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.
Required - A cash distribution plan as of June 30, 20X1, showing how much cash each partner will receive if the partners accept the offer to sell the assets.
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