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Advance financial On January 1, 20X7, partners Munther, Nabil, and Omar, who share profits and losses in the ratio of 2:3:5, decided to liquidate their
Advance financial
On January 1, 20X7, partners Munther, Nabil, and Omar, who share profits and losses in the ratio of 2:3:5, decided to liquidate their partnership. On this date, its condensed balance sheet was as follows: ASSETS LIABILITIES & EQUITY Cash $ 50,000 Liabilities $ 60,000 80,000 Other Assets 250,000 Munther, Capital Nabil, Capital 90,000 Omar, Capital 70,000 Tota $ 300,000Total 300,000 On January 15, 20X7, the first cash sale of other assets with a carrying amount of $150,000 realized $120,000. Safe installment payments to the partners were made on the same date. How much cash should be distributed to partner Nabil? a. $42.000 b. $56.000 c. $46.800
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