The following condensed balance sheet is presented for the partnership of Anders, Barnes, and Crowley, who share profits and losses in the ratio 5:3:2, respectively:
Assume that the partners decided to liquidate the partnership and that the other assets were sold for $500,000.
Required:
How should the available cash be distributed?
Anders _______________ Barnes _______________ Crowley _______________

Question

The following condensed balance sheet is presented for the partnership of Anders, Barnes, and Crowley, who share profits and losses in the ratio 5:3:2, respectively:
  Assume that the partners decided to liquidate the partnership and that the other assets were sold for $500,000.
Required:
How should the available cash be distributed?
Anders _______________ Barnes _______________ Crowley _______________

Quizplus · Accepted Answer

The Answer of The following condensed balance sheet is presented for the partnership of Anders, Barnes, and Crowley, who share profits and losses in the ratio 5:3:2, respectively:
  Assume that the partners decided to liquidate the partnership and that the other assets were sold for $500,000.
Required:
How should the available cash be distributed?
Anders _______________ Barnes _______________ Crowley _______________

The Following Condensed Balance Sheet Is Presented for the Partnership