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The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable
The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Liabilities $18000Acounts Payable Cash $15,000 Accounts Receivable 10,0000ther liabilities 24000 10,000Partners' Equity uniture 15,000Ryan Capital 9000 quipment 7000Peter, Capita Other assets 10 James, Capital Total liabilties and partners $60.00Dequity Total assets Ryan, Peter, and James share profits 3 2.1 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 wntten off as worthless. The liabilities were paid off at book value. James argued that he should receive a portion of the remaining cash, but Ryan and Peter disagree. How much cash should James receive or pay? ave All An
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