Prepare a working paper to compute the amount of cash

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Reference no: EM131969302

Problem

After realization of a portion of the noncash assets of Bemis, Coppo & Dipp LLP, which was being liquidated, the capital account balances were Bemis, $54, 600; Coppo, s40, 500, and Dipp, $17,000. Cash of $32, 100 and other assets with a carrying amount of $100.000 were on hand. Accounts payable total $20,000. of the assets were realized. Bemis. Coppo and Dipp shared net income and losses in a 1 2.2 ratio. respectively.

Prepare a working paper to compute the amount of cash that may be paid to creditors and to partners at this time assuming that all partners are insolvent.

Reference no: EM131969302

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