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PROBLEM - The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:
CASH 10000 LIABILITIES 130000
NON CASH ASSETS 300000 KEATON CAPITAL 60000
LEWIS CAPITAL 40000
MEADOR CAPITAL 80000
TOTALS 310000 TOTALS 310000
Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $180,000. Liquidation expenses were $12,000.
Assume that Lewis was personally insolvent and could not contribute any assets to the partnership, while Keaton and Meador were both solvent. What amount of cash would Keaton and Meador have received from the distribution of partnership assets?
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If the Other Assets are sold for $10,000, how much will each partnerreceive before paying liabilities and distributing the remainingassets?
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