Solved: The best company at december 31 has cash 20000 noncash, Accounting Basics

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The best company at december 31 has cash 20000 noncash

1. The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and Escobedo $20,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Rodriguez and Escobedo income ratios are 60% and 40%, respectively.

Instructions

Prepare a schedule of cash payments.

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Accounting Basics: The best company at december 31 has cash 20000 noncash

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Accounting Basics: The best company at december 31 has cash 20000 noncash

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