1) Using a safe payments schedule, how much cash should Melvin receive in the first...
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Accounting
1) Using a safe payments schedule, how much cash should Melvin receive in the first distribution?
A) $81,000
B) $165,000
C) $168,600
D) $202,500
2) Using a safe payment schedule, how much cash should Lola receive in the first distribution?
A) $81,000
B) $98,000 C)
$168,600
D) $202,500
Lola, Melvin, and Nettie are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $12,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows
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