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A partnership group has decided to liquidate the business. The ownership group consists of three owners A, B, and C whose ownership and profit
A partnership group has decided to liquidate the business. The ownership group consists of three owners A, B, and C whose ownership and profit split is 7:5:3 respectively. The balance sheet is as follows: Cash $75,000 Non-cash Assets $400,000 Liabilities $100,000 A's, Capital $150,000 B's, Capital $40,000 C's, Capital $185,000 The non-cash assets were sold for $250,000. For part 2 of this problem, determine what was the final cash amounts paid to C? a) $ 155,000
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