Cash Distribution Plan
Refer to the information contained in Problem 16-17. Assume the following amounts of cash were received during the months of July, August, and September from the sale of DSV Partnership’s noncash assets:
July | $390,000 |
August | 22,000 |
September | 55,000 |
The partnership wishes to keep $10,000 of cash on hand at the end of July and August to pay for unexpected liquidation expenses.
It paid liquidation expenses of $2,500 at the end of each month, July, August, and September.
Required
a. Prepare a statement, as of June 30, 20X5, showing how cash will be distributed among partners as it becomes available.
b. Prepare schedules showing how cash is distributed at the end of July, August, and September 20X5.
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