Business, 20.04.2021 02:50 malaysiasc93

The balance sheet of Amy and Jessica firm as on December 31, 2015, is given below. Assets Liabilities Cash $10,000 Accounts Payable $20,000 Accounts Receivable 15,000 Other liabilities 28,000 Furniture 30,000 Partner's Equity Equipment 40,000 Amy, Capital 25,000 Other assets 5,000 Jessica, Capital 27,000 Total assets $100,000 Total liabilities and partner's equity $100,000 Amy and Jessica share profits and losses equally. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $65,000. The accounts receivable was duly received in cash and the other assets were written off as worthless. Calculate the cash balance remaining to pay the liabilities?

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The balance sheet of Amy and Jessica firm as on December 31, 2015, is given below. Assets Liabilitie...

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