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The Keaton, Lewis, and Meador LLP had the following balance sheet just before entering liquidation: Cash $10,000 Liabilities $130,000 Noncash assets 300,000 Keaton, capital 60,000
The Keaton, Lewis, and Meador LLP had the following balance sheet just before entering liquidation: Cash $10,000 Liabilities $130,000 Noncash assets 300,000 Keaton, capital 60,000 Lewis, capital 40,000 Meador, capital 80,000 Total assets $310,000 Total liabilities and capital $310,000 Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $280,000. Liquidation expenses were $10,000. What amount of cash (safe payment) would the partners have received from the liquidation of partnership assets
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