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Prepare a proposed schedule of liquidation

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Reference no: EM133093032

Question - The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $10,000.

Cash $130,000 Liabilities $70,000

Noncash assets 290,000 Arch, capital (40%) 130,000

Bibb, capital (20%) 65,000

Dao, capital (40%) 155,000

Total assets $420,000 Total liabilities and capital $420,000

Required - Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination.

Reference no: EM133093032

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