Mathematics, 18.12.2020 19:00 oof40
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:
Cash$54,000 Liabilities$50,000
Other assets 167,000 Miller, capital 75,000
Tyson, capital 75,000
Watson, capital 21,000
Total assets$221,000 Total liabilities and capital$221,000
a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time.
b. For how much money must the other assets be sold so that each partner receives some amount of cash in a liquidation?
Answers: 2
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