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Windl, Houghton, and Pahli decided to liquidate their partnership on October 1. After the noncash assets were sold, and the liabilities paid the capital account
Windl, Houghton, and Pahli decided to liquidate their partnership on October 1. After the noncash assets were sold, and the liabilities paid the capital account balances were Windl, $84,700; Houghton, $34,700; and Pahli, $50,500. The partners divide profits and losses equally. The partnership has $169,900 of cash.
How much cash will each partner receive in the final liquidation?
Windl | Houghton | Pahli | Total | |||||
Cash received in final liquidation | $ | $ | $ | $ |
Assume instead that there is $130,900 of cash after the noncash assets are sold and the liabilities are paid. How much cash will each partner receive?
Windl | Houghton | Pahli | Total | |||||
Cash received in final liquidation | $ | $ | $ | $ |
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