The Larry, Moe, and Curly Partnership had capital balances of $55,000 for Larry; $60,000 for Moe; and $4,000 for Curly. There were assets of $100,000 in cash and $75,000 in AR. There were AP of $45,000 and $11,000 in Salaries Payable. The partnership was liquidated. The income and expense ratio as per the partnership agreement was to split all items evenly. The AR was sold for $50,000.