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 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:  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:  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