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 1 of this problem, determine what was the final cash amounts paid to A? a) $ 150,000 b) $ 155,000 c) $ 15,000 d) $ 90,000 e) None of the above Partnership Liquidations (Part 2 of 3) 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 b) $ 80,000 c) $ 195,000 d) $ 150,000 e) None of the above 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 3 of this problem, determine what the last journal entry would be to close (zero out) the capital accounts A, B, and C's partnership: a) Dr. Cash & B's Capital; Cr. A's Capital & C's Capital b) Dr. Cash: Cr. A's Capital & B's Capital, & C's Capital c) Dr. A's Capital & C's Capital; Cr. Cash & B's Capital d) Dr. A's Capital & B's Capital, & C's Capital: Cr. Cash e) None of the above