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PROBLEMS The following balance sheet wa losses in the ratio of 2:2:1 respectively et was prepared for ABC Partnershow Cash $ 40,000 Other assets 140,000

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PROBLEMS The following balance sheet wa losses in the ratio of 2:2:1 respectively et was prepared for ABC Partnershow Cash $ 40,000 Other assets 140,000 Liabilities Abe, Capital Ben, Capital Cher, Capital $70,000 50,000 50,000 10,000 Totals $180,000 ======= $180,000 The partners liquidate the partnership. Other assets are realized for 40,000 Prepare a working paper to compute the amount ng paper to compute the amount of cash that may be paid to creditors and to partner at this time assuming that all partners are solvent

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