The partnership of Larry, Moe, and Curly shares profits and losses 60%, 30%, and 10%, respectively. On January 1, 2017, the partners voted to dissolve the partnership, at which time the assets, liabilities, and capital balances were as follows: All of the partners are personally insolvent. Assume that all noncash assets are sold for $840,000 and all available cash is distributed in final liquidation of the partnership. Cash should be distributed to the partners as follows:

Question

The partnership of Larry, Moe, and Curly shares profits and losses 60%, 30%, and 10%, respectively. On January 1, 2017, the partners voted to dissolve the partnership, at which time the assets, liabilities, and capital balances were as follows:  All of the partners are personally insolvent. Assume that all noncash assets are sold for $840,000 and all available cash is distributed in final liquidation of the partnership. Cash should be distributed to the partners as follows:

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The Answer of The partnership of Larry, Moe, and Curly shares profits and losses 60%, 30%, and 10%, respectively. On January 1, 2017, the partners voted to dissolve the partnership, at which time the assets, liabilities, and capital balances were as follows:  All of the partners are personally insolvent. Assume that all noncash assets are sold for $840,000 and all available cash is distributed in final liquidation of the partnership. Cash should be distributed to the partners as follows:

The Partnership of Larry, Moe, and Curly Shares Profits and Losses