The partnership of Rick and Allan is being liquidated.All gains and losses are shared in a 3:5 ratio,respectively.Before liquidation,their balance sheet balances are as follows:
$\begin{array} { l l }
\text { Cash } & \$ 10,000 \
\text { Other Assets } & 8,000 \
\text { Liabilities } & 4,000 \
\text { Rick, Capital } & 7,000 \
\text { Allan, Capital } & 7,000
\end{array}$ If the Other Assets are sold for $10,000,how much will each partner receive upon liquidation?

Question

The partnership of Rick and Allan is being liquidated.All gains and losses are shared in a 3:5 ratio,respectively.Before liquidation,their balance sheet balances are as follows:
 $\begin{array} { l l } 
\text { Cash } & \$ 10,000 \
\text { Other Assets } & 8,000 \
\text { Liabilities } & 4,000 \
\text { Rick, Capital } & 7,000 \
\text { Allan, Capital } & 7,000
\end{array}$ If the Other Assets are sold for $10,000,how much will each partner receive upon liquidation?

Quizplus · Accepted Answer

The Answer of The partnership of Rick and Allan is being liquidated.All gains and losses are shared in a 3:5 ratio,respectively.Before liquidation,their balance sheet balances are as follows:
 $\begin{array} { l l } 
\text { Cash } & \$ 10,000 \
\text { Other Assets } & 8,000 \
\text { Liabilities } & 4,000 \
\text { Rick, Capital } & 7,000 \
\text { Allan, Capital } & 7,000
\end{array}$ If the Other Assets are sold for $10,000,how much will each partner receive upon liquidation?

The Partnership of Rick and Allan Is Being Liquidated If the Other Assets Are Sold for $10,000,how Much Will