The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:
a)If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?
b)If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?

Question

The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:
  a)If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?
b)If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?

Quizplus · Accepted Answer

The Answer of The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:
  a)If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?
b)If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?

The Partnership of Brandon and Ryan Is Being Liquidated