Reference no: EM132728498
The following condensed balance sheet is presented for the partnership of Anders, Barnes, and Crowley, who share profits and losses in the ratio 5:3:2, respectively:
Cash................................................................................................. $ 60,000
Other assets..................................................................................... 640,000
Total Assets............................................................. $700,000
Liabilities..................................................................... $140,000
Anders, Capital............................................................. 280,000
Barnes, Capital............................................................ 28,000
Crowley, Capital........................................................... 252,000
Total Liabilities and Equity...................................... $700,000
Problem 1: The partners decide to liquidate the partnership. The other assets are sold for $500,000. How should the available cash be distributed?
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