Balance sheet just before entering liquidation

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Reference no: EM13906042

The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:

cash- 100,000

non cash assets- 210,000

total-310,000

liabilities-40,000

keaton capital-90,000

lewis-60,000

meador-120,000

total-310,000

Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4. The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. How much would each partner receive of a total $60,000 distribution of cash?

Answer should be KEATON (40,000) LEWIS 0, MEADOR-20,000

Please explain and show your work.

Reference no: EM13906042

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