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Divide the remaining cash amongst the partners

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Question - After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.

Cash 18,000

Inventory 73,000

Other assets 157,000

Accounts Payable 61,000

Abel, Capital 50,000

Barney, Capital 50,000

Cole, Capital 87,000

Non-cash assets are sold for $275,000. Profits and losses are shared equally.

After all liabilities are paid, divide the remaining cash amongst the partners.

Reference no: EM132213685

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