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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.
Problem 1: What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets?
Problem 2: Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets.
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