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Assets David, Paul, and Burt are partners in a CPA firm sharing profits and losses in a ratio of 2:2:3, respectively. Immediately prior to liquidation,
Assets David, Paul, and Burt are partners in a CPA firm sharing profits and losses in a ratio of 2:2:3, respectively. Immediately prior to liquidation, the following balance sheet was prepared: Liabilities & Equities Cash $ 100,000 Liabilities $280,000 Noncash assets 580,000 David, Capital 160,000 Paul, Capital 160,000 Burt, Capital _80.000 Total Assets 5680.000 Total Liabilities & Equities $680,000 Assuming the noncash assets are sold for $160,000, determine the amount of cash to be distributed to each partner assuming all partners are personally solvent. Clearly indicate the amount of cash to be distributed to each partner in the spaces provided. Clearly indicate the amount for each partner even if 0. David Paul Burt S $ S
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