Question
The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below. Assets Liabilities Cash $17,000 Accounts Payable $15,000 Accounts Receivable
The balance sheet of Ryan and Peter firm as on December 31, 2017, is given below. Assets Liabilities Cash $17,000 Accounts Payable $15,000 Accounts Receivable 9,000 Other liabilities 25,000 Furniture 28,000 Partner's Equity Equipment 40,000 Ryan, Capital 31,000 Other assets 8,000 Peter, Capital 31,000 Total assets $102,000 Total liabilities and partner's equity $102,000 Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $50,000. The accounts receivable were duly received in cash and the other assets were written off as worthless. The cash balance remaining to pay the liabilities is ________.
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