6 the balance sheet of the park quid and reggie partnership on november 1 2011 befor 4307411

6 the balance sheet of the park quid and reggie partnership on november 1 2011 befor 4307411

6) The balance sheet of the Park, Quid, and Reggie partnership on November 1, 2011 (before commencement of partnership liquidation) was as follows:

Cash$60,000Accounts payable$110,000

Accounts Receivable130,000Loan from Quid40,000

Loan to Park16,000Park, capital (20%)60,000

Loan to Reggie22,000Quid, capital (40%)52,000

Plant assets-net 120,000Reggie, capital (40%)   86,000

Total assets$ 348,000Total liab./equity$ 348,000

Liquidation events in November were as follows:

– All receivables were settled for $110,000;

– Plant assets with a book value of $90,000 were sold for $52,000.

Required:

Determine how the available cash on November 31, 2011 should be distributed.

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