Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the...

Extracted text: Distribution of Cash Upon Liquidation Bray, Lincoln, and Mapes arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Bray and Lincoln advanced $810 and $1,230 of their own respective funds to pay for advertising and other expenses. After collecting for all sales and paying creditors, the partnership has $3,300 in cash. Use the minus sign to indicate any deficiency for the capital accounts. For those boxes in which you must enter subtractive or negative numbers use a minus sign. a. How much net income was earned from the venture? $1 1,260 V b. How should the money be distributed? Bray Lincoln Маpes Total Capital balances and cash distribution $ 1,230 1,650 V $ 420 3,300 c. Assume that the partnership has only $1,740 instead of $3,300. Do any of the three partners have a capital deficiency? Yes If so, how much? $1 -300 x Bray Lincoln Mapes Total Capital balances 710 V 1,130 V -100 V 1,740