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Prepare a schedule showing how the cash available on February 1, 2011,should be distributed.

05 / 03 / 2018 Assignment

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The partnership of Flo and Fay is in the process of liquidation. On January 1, 2011, the ledger shows account balances as follows:

Cash $10,000 Accounts Payable $15,000

Accounts Receivable 25,000 Flo capital $40,000

Lumber inventory 40,000 Flay capital 20,000

On January 10, 2011, the lumber inventory is sold for $25,000, and during January, accounts receivable of $21,000 is collected. No further collections on the receivables are expected. Profits are shared 60 percent to Flo and 40 percent to Fay.

Required: Prepare a schedule showing how the cash available on February 1, 2011,should be distributed.


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