The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation: Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?

Question

The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:  Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?

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The Answer of The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:  Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?

The Keller, Long, and Mason Partnership Had the Following Balance