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upton upton
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7 years ago
The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:

Cash   $10,000
Other Assets   7,000
Liabilities   3,000
Brandon, Capital    7,000
Ryan, Capital   7,000

a) If the Other Assets are sold for $10,000, how much capital will each partner receive have before paying liabilities and distributing the remaining assets?
b) If the Other Assets are sold for $7,000, how much capital will each partner have before paying liabilities and distributing remaining assets?
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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OmpaOmpa
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7 years ago
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upton Author
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7 years ago
Correct Slight Smile TY
halyna
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
nadiia
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2 hours ago
Smart ... Thanks!
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