Required Information Partners Dennis and Lilly have decided to liquidate their business. The following information is available: Cash Inventory $100,000 Accounts payable 200,000 Dennis, Capital Lilly, Capital $300,000 $100,000 120,000 80,000 $300,000 Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month. Refer to the information provided above. Using a safe payments schedule, how much cash will be distributed to Dennis at the end of the second month? Multiple Choice $18,000 $27,000 $36.000 $60,000 Required information Partners David and Goliath have decided to liquidate their business. The following information is available: Cash Inventory Accounts payable David, Capital Goliath, Capital $100,000 200,000 $300,000 $ 80,000 140,000 80,000 $300,000 David and Goliath share profits and losses in a 3:1 ratio, respectively. During the first month of liquidation, half the inventory is sold for $70,000, and $50,000 of the accounts payable are paid. During the second month, the rest of the inventory is sold for $55,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month. Refer to the information provided above. Using a safe payment schedule, how much cash will be distributed to Goliath at the end of the first month? Multiple Choice O $7,500 $25,000 $47,500 $72.500