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Cash Distribution Plan
Adams, peters, and Blake share Profits and losses for their APB Partnership in a ratio of 2:3:5.
When they decide to liquidate, the balance sheet is as follows:
Assets
Liabilities and Equities
Cash
$40,000
Liabilities
$50,000
Adams, Loan
10,000
Adams, Capital
55,000
Other Assets
200,000
Peters, Capital
75,000
Blake, Capital
70,000
Total Assets
$250,000
Total Liabilities and Equities
Liquidation expenses are expected to be negligible, No interest accrues on loans with partners after termination of the business.
Required: Prepare a cash distribution plan for the APB Partnership.
Be sure to show your work not just the final answer. Partial credit is awarded for your effort as well as accuracy. Showing your work demonstrates your understanding of the concept even if the final answer is incorrect.
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