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Question - XYZ Partnership begins the liquidation process with the following balance sheet and profit and loss percentages:
Cash 300,000
Noncash Assets 200,000
Liabilities 125,000
X Capital (50%) 100,000
Y Capital (30%) 150,000
Z Capital (20%) 125,000
Liquidation expenses are estimated at $80,000. Assume any deficit in a partner's capital balance will not be repaid.
How much is the safe payment that can be made to the partners: (hint: must do a proposed schedule of liquidation).
Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee.
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