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How much money must the other assets be sold

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Reference no: EM133095632

Question - 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

$60,000

Liabilities

$51,000

Other assets

140,000

Miller, capital

66,000

Total asset

$200,000

Tyson, capital

66,000

 

 

Watson, capital

17,000

 

 

Total liabilities and capital

$200,000

Required -

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?

Reference no: EM133095632

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