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How much was loss allocated to b in determination of cash

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Reference no: EM132840943

Farewell Partnership is undergoing liquidation. Information on Farewell follows:

Cash 40,000

Accounts receivable 180,000

Receivable from B 10,000

Inventory 160,000

Equipment 310,000

Total 700,000

Accrued liabilities 250,000

Payable to A 20,000

A, Capital (60%) 240,000

B, Capital (40%) 190,000

Total 700,000

Information on the conversion of non-cash assets is as follows:

  1. Only 60% of the accounts receivable was collected; the balance is uncollectible.
  2. ?50,000 was received for the entire inventory.
  3. The equipment was sold at its carrying amount.
  4. ?10,000 Liquidation expenses were paid.

Problem 1: How much was the loss allocated to B in the determination of cash distributions to the partners?

Reference no: EM132840943

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