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Simon, Theodore, and Alvin decide to liquidate their partnership. The partnership agreement provides for profit/(loss) to be allocated on a 45:30:25 ratio. Below is the
Simon, Theodore, and Alvin decide to liquidate their partnership. The partnership agreement provides for profit/(loss) to be allocated on a 45:30:25 ratio. Below is the trial balance immediately prior to the liquidation. Referring to the information above, if the non-cash assets were sold for $97,000 and all liabilities and loans were paid in full, what would be the dollar amount distributed to Simon
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