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:
$$\begin{array} { l r }
\text { Cash } & \$ 10,000 \
\text { Other Assets } & 7,000 \
\text { Liabilities } & 3,000 \
\text { Brandon, Capital } & 7,000 \
\text { Ryan, Capital } & 7,000
\end{array}$$
a)If the Other Assets are sold for $10,000,how much capital will each partner receive have before paying liabilities and distributing the remaining assets?
b)If the Other Assets are sold for $7,000,how much capital will each partner have 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:
 $$\begin{array} { l r } 
\text { Cash } & \$ 10,000 \
\text { Other Assets } & 7,000 \
\text { Liabilities } & 3,000 \
\text { Brandon, Capital } & 7,000 \
\text { Ryan, Capital } & 7,000
\end{array}$$ 
a)If the Other Assets are sold for $10,000,how much capital will each partner receive have before paying liabilities and distributing the remaining assets?
b)If the Other Assets are sold for $7,000,how much capital will each partner have 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:
 $$\begin{array} { l r } 
\text { Cash } & \$ 10,000 \
\text { Other Assets } & 7,000 \
\text { Liabilities } & 3,000 \
\text { Brandon, Capital } & 7,000 \
\text { Ryan, Capital } & 7,000
\end{array}$$ 
a)If the Other Assets are sold for $10,000,how much capital will each partner receive have before paying liabilities and distributing the remaining assets?
b)If the Other Assets are sold for $7,000,how much capital will each partner have before paying liabilities and distributing remaining assets?

The Partnership of Brandon and Ryan Is Being Liquidated A)If the Other Assets Are Sold for $10,000,how Much Capital