Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio...
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Accounting
Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Cash Adams, Loan Other Assets Total Assets Liabilities and Equities $ 40,000 10,000 200,000 $250,000 Liabilities Adams, Capital Peters, Capital Blake, Capital Total Liabilities and Equities $ 50,000 55,000 75,000 70,000 $250,000 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. Required Prepare a cash distribution plan for the APB Partnership.
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