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Question - The balance sheet for the Delphine, Xavier, and Olivier partnership follows:
Cash $68,640
Liabilities $46,000
Noncash assets 124,000
Delphine, capital 71,760
Xavier, capital 52,000
Olivier, capital 22,880
Total assets $192,640
Total liabilities and capital $192,640
Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to terminate the business and estimate that $14,400 in liquidation expenses will be incurred.
Required -
1. What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets?
2. Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets.
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