Business, 19.08.2020 17:01 ekayla163

Adam, Ben and Erica are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Adam $41,000, Ben $31,000 and Erica $20,000. The profit and loss sharing ratio has been 1:1:2 for Adam, Ben and Erica, respectively. The partnership has $72,000 cash, $40,000 non-cash assets, and $20,000 accounts payable. Requirement 1. Assuming the partnership sells the non-cash assets for $50,000, how much cash will each partner receive in final liquidation? Requirement 2. Assuming the partnership sells the non-cash assets for $25,000, how much cash will each partner receive in final liquidation?

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Adam, Ben and Erica are liquidating their partnership. Before selling the assets and paying the liab...

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