Question
The Karim, Lina, and Mazen partnership had the following balance sheet just before entering liquidation: Cash $10,000 Noncash 300,000 Liabilities 130,000 Karim capital 60,000 Lina
The Karim, Lina, and Mazen partnership had the following balance sheet just before entering liquidation: Cash $10,000 Noncash 300,000 Liabilities 130,000 Karim capital 60,000 Lina capital 40,000 Mazen Capital 80,000 Karim, Lina, and Mazen share profits and losses in a ratio of 4:4:2. Noncash assets were sold for $180,000. Liquidation expenses were $10,000.Assume that Lina was personally insolvent and could not contribute any assets to the partnership, while Karim and Mazen were both solvent. What amount of cash would Karim have received from the distribution of partnership assets?
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