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please show all work The Charlie, Linus, and Marcie partnership had the following balance sheet just before entering liquidation: Cash Noncash Assets 10,000 300,000 Liabilities
please show all work
The Charlie, Linus, and Marcie partnership had the following balance sheet just before entering liquidation: Cash Noncash Assets 10,000 300,000 Liabilities Charlie, Capital Linus, Capital Marcie, Capital Total 130,000 50,000 40,000 80,000 310,000 Total 310,000 Charlie, Linus, and Marcie share protits and losses in a ratio of 2:4:4. Noncash assets were sold tar $180,000 Liquidation cxpenses were $10,000. Assume that Linus was personally insolvent and could not contributo any assets to the partnership, while Charlie and Marcie were both solvent. What amount of cash would Charlie have received from the distribution of partnership assets? [7 points] Step by Step Solution
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