How much of the existing cash balance, Accounting Basics

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How much of the existing cash balance

As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:

Cash 80,000
noncash assets 205,000
liabilities 47,000
canton, capital (30%) 138,000
Yulls, capital (40%) 119,500
Garr, capital (30%) -19,500

The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.How much of the existing cash balance could be distributed safely to partners at this time?

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Accounting Basics: How much of the existing cash balance

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Accounting Basics: How much of the existing cash balance

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Ask an Expert for Answer!!

Accounting Basics: How much of the existing cash balance

Reference No:- TGS0698720

Recent Questions Asked Accounting Basics

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