Ruff, Tuff, and Duff are partners sharing profits and losses 30/30/40. They have the following...
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Accounting
- Ruff, Tuff, and Duff are partners sharing profits and losses 30/30/40. They have the following balance sheet:
Cash $200,000 Payables to Creditors $250,000 Receivable from Ruff 50,000 Payable to Tuff 70,000 Property & Equipment 500,000 Ruff, Capital 180,000 Tuff, Capital 100,000 _______ Duff, Capital 150,000 $750,000 $750,000
Prepare a Pre-Distribution of Cash Schedule assuming they must hold back $25,000 for liquidation expenses.
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