Calculate the amount of safe payment

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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.

Reference no: EM133035638

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