On December 31, 2010, the D&K Partnership had the following assets, liabilities, and partners' equity:
When the partners agreed to liquidate the business, the assets were sold for $80,000 and the liabilities were paid. D and K share profits and losses in a ratio of 3:1, respectively. What is the final cash distribution to each partner after liquidation?

Question

On December 31, 2010, the D&K Partnership had the following assets, liabilities, and partners' equity:
  When the partners agreed to liquidate the business, the assets were sold for $80,000 and the liabilities were paid. D and K share profits and losses in a ratio of 3:1, respectively. What is the final cash distribution to each partner after liquidation?

Quizplus · Accepted Answer

The Answer of On December 31, 2010, the D&K Partnership had the following assets, liabilities, and partners' equity:
  When the partners agreed to liquidate the business, the assets were sold for $80,000 and the liabilities were paid. D and K share profits and losses in a ratio of 3:1, respectively. What is the final cash distribution to each partner after liquidation?

On December 31, 2010, the D&K Partnership Had the Following