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A local partnership has only two assets (cash of $10,000 and land with a cost of $35,000). All liabilities have been paid and the following capital balances are currently being recorded. The partners share profits and losses as follows. All partners are insolvent.
a. If the land is sold for $25,000, how much cash does each partner receive in a final settlement?
b.If the land is sold for $15,000, how much cash does each partner receive in a final settlement?
c.If the land is sold for $5,000, how much cash does each partner receive in a final settlement?
On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory?
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A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Elucidate the circumstances that would result in each of these different treatments.
the answers need to show work on a excel work sheet. the summary can be shorter than 250 words as long as good points
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