Apartnerships balance sheet is as follows: Cash.$ 60,000 Noncash assets. 120,000 Total assets. $180,000 Liabilities.... $ 50,000

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Apartnership’s balance sheet is as follows:

Cash.$ 60,000 Noncash assets. 120,000 Total assets. $180,000 Liabilities.... $ 50,000 Babb, capital. 60,000 Whitaker, capital. 20,000 LO6 Edwards, capital. 50,000 Total liabilities and capital .... $180,000 Babb, Whitaker, and Edwards share profits and losses in the ratio of 4:2:4, respectively. This busi¬ ness is to be terminated, and the partners estimate that $8,000 in liquidation expenses will be incurred. How should the $2,000 in safe cash that is presently held be disbursed?

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Advanced Accounting

ISBN: 9780073379456

9th Edition

Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle

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