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How much was the total assets immediately before liquidation

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problem 1: On January 1, 20x1, A and B, who share profits and losses on a 60:40 ratio, decided to liquidate their partnership. After all the non-cash assets of the partnership were sold for $760,000 and all the $120,000 liabilities were settled, the partners had $720,000 to distribute among themselves. A received $112,000 in the settlement of his $400,000 capital balance. How much was the total assets immediately before liquidation?

Reference no: EM132784204

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