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Huey, Dewey, and Louie share profits and losses for their HDL Partnership in a ratio of 3:2:5. When they decide to liquidate, the balance sheet
Huey, Dewey, and Louie share profits and losses for their HDL Partnership in a ratio of 3:2:5. When they decide to liquidate, the balance sheet is as follows: Assets Plant assets (net) $350,200 Total assets $350,000 Liabilities and Capital Accounts payable $ 140,000 Huey, Capital 70,000 Dewey. Capital 60,000 Louie, Capital 80.000 $350,000 Huey, Dewey, and Louie have agreed to distribute available cash back to partners during the liquidation process. If $250.000 noncash assets were sold for $180,000 cash during the first month of liquidation, the amount of safe cash payments are: A. $16,000 to Huey, $24,000 to Dewey and $0 to Louie. B. $0 to Huey $40,000 to Dewey, and $0 to Louie. C. $12,000 to Huey, 58,000 to Dewey and $20,000 to Louie. D. $18,000 to Huey, $25,000 to Dewey and so to Louie
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