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The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Liabilities Assets $18,000Accounts Payable $15,000 Cash 24,000 10,000Other
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Liabilities Assets $18,000Accounts Payable $15,000 Cash 24,000 10,000Other liabilities Accounts Receivable 10,000Partners' Equity uniture 9000 15,000 Ryan, Capital quipment 7000Peter, Capital 10,000 Other assets James, Capital Total liabilities and partners' $60,000equity Total assets Ryan, Peter, and James share profits 32.1 They liquidate the partnership The furniture and equipment are sold at a $8000 loss. The accounts receivable were collected in full and the other assets were written off as worthless. The liabilities were paid off at book value James argued that he should receive a portion of the remaining cash, but Rvan and Peter disaaree How much cash should lames receive or nav
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