Note: This is a Kaplan CPA Review Question
The following condensed balance sheet is presented for the partnership of Fisher, Taylor and Simon who share profits and losses in the ratio of 6:2:2, respectively:
The assets and liabilities are fairly valued on the above balance sheet, and it was agreed to by all the partners that the partnership would be liquidated after selling the other assets. What would each of the partners receive at this time if the other assets are sold for $80,000?

Question

Note: This is a Kaplan CPA Review Question
The following condensed balance sheet is presented for the partnership of Fisher, Taylor and Simon who share profits and losses in the ratio of 6:2:2, respectively: 
The assets and liabilities are fairly valued on the above balance sheet, and it was agreed to by all the partners that the partnership would be liquidated after selling the other assets. What would each of the partners receive at this time if the other assets are sold for $80,000?

Quizplus · Accepted Answer

The Answer of Note: This is a Kaplan CPA Review Question
The following condensed balance sheet is presented for the partnership of Fisher, Taylor and Simon who share profits and losses in the ratio of 6:2:2, respectively: 
The assets and liabilities are fairly valued on the above balance sheet, and it was agreed to by all the partners that the partnership would be liquidated after selling the other assets. What would each of the partners receive at this time if the other assets are sold for $80,000?

Note: This Is a Kaplan CPA Review Question