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what would be the answer to this asap The balance sheet of Ryan and Peter's partnership as of December 31, 2024, is given below. Assets
what would be the answer to this asap
The balance sheet of Ryan and Peter's partnership as of December 31, 2024, is given below. Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets Liabilities. $17,000 Accounts Payable 9000 Other liabilities. 28,000 Partners' Equity 40,000 Ryan, Capital 8.000 Peter, Capital $102,000 Total liabilities and partners' equity $15,000 25,000 31,000 31.000 $102.000 Ryan and Peter share profits in the ratio 3:2. They liquidate the partnership. The furniture and equipment sold at a loss of $50,000. The accounts receivable were collected in full and the other assets were written off as worthless. The cash balance remaining to pay the liabilities is $17,000 $94,000 $44,000 O $40,000 Step by Step Solution
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