Question
The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: cash 90000 liabilities 60000 Noncash assets 300000 Henry capital
The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances: cash 90000 liabilities 60000
Noncash assets 300000 Henry capital 80000
Isaac capital 110000
Jacobs capital 140000
Total 390000 Total 390000 Estimated expenses of liquidation were $10,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.
Before liquidating any assets, the partners determined the amount of safe cash and distributed it. The noncash assets were then sold for $120,000, and the liquidation expenses of $10,000 were paid. How much of the $120,000 would be distributed to Henry?
the answer should be 28,667
please explain and show the work
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