The partners of the liquidating Nance, Olson & Peale LLP have requested Nancy Lane, CPA, to assist in the liquidation. Lane discovered considerable disarray in the partnership’s accounting records for liabilities, especially for trade accounts payable. Despite the condition of the accounting records, the partners have urged Lane to prepare a cash distribution program to show how cash received from the realization of noncash assets might be distributed to creditors and to partners as it became available.
Instructions
Is Nancy Lane able to prepare a cash distribution program, given the condition of the Nance, Olson & Peale LLP accounting records? Explain.
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