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Keep Getting the answer wrong. Please help The partership of Winn, Xie, Yang, and Zed has the following balance sheet: $ 31,000 Liabilities $41,000 61,000
Keep Getting the answer wrong. Please help
The partership of Winn, Xie, Yang, and Zed has the following balance sheet: $ 31,000 Liabilities $41,000 61,000 78,000 41,000 31,000 Cash Other assets 221,000 Winn, capital (50% of profits and losses) Xie, capital (30%) Yang, capital (10%) Zed, capital (10%) Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $6,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $6,000 from the liquidation. Determine the amount for which the partnership must sell the other assets to ensure that Zed receives $6,000 from the liquidation? Liquidation expenses are expected to be $16,000. (Do not round intermediate calculations.) Answer is complete but not entirely correct. mumStep by Step Solution
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