10. The partnership of Delk, Johnson, and Ruiz share profits and losses in the ratio...
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10. The partnership of Delk, Johnson, and Ruiz share profits and losses in the ratio of 4:3:3, respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows: Cash Assets Other assets Liabilities and Equity Liabilities Delk, Capital Johnson, Capital Ruiz, Capital $130,000 360,000 200,000 240,000 Total Lia & Equity 930.000 $180,000 750,000 Total assets $930,000 The partnership will be liquidated over a prolonged period of time. As cash is available, it will be distributed to the partners. The first sale of noncash assets having a book value of $350,000 realized $225,000. How much cash should be distributed to each partner after this sale
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