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How much cash should canton receive at this time

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Question - As of January 1, 2018, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses;

Cash $80,000

Noncash assets 205,000

Liabilities 47,000

Canton, capital (30%) 138,000

Yulls, capital (40%) 119,500

Garr, capital (30%) (19,500)

The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.

A. How much of the existing cash balance could be distributed safely to partners at this time?

B. How much cash should Canton receive at this time, pursuant to a proposed schedule of liquidation?

Reference no: EM133189069

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