How much cash will be distributed to lilly

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Required information SB Partners Dennis and Lilly have decided to... Skip to question Partners Dennis and Lilly have decided to liquidate their business. The following information is available: Cash $ 100,000 Accounts payable $ 100,000 Inventory 200,000 Dennis, Capital 120,000 Lilly, Capital 80,000 $ 300,000 $ 300,000 Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month. TB MC Qu. 16-33 Refer to the information provided above... Get the instant assignment help. Refer to the information provided above. Using a safe payments schedule, how much cash will be distributed to Lilly at the end of the second month?

Reference no: EM133971673

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