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Q2. Merz, Dechter, and Flowers are partners in a partnership and share profits and losses...

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Q2. Merz, Dechter, and Flowers are partners in a partnership and share profits and losses 40%, 40%, and 20%, respectively. The partners have agreed to liquidate the partnership and anticipate that liquidation expenses will total S14,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: Cash Noncash assets Note payable to Dechter 12,000 Other liabilities Capital, Merz Capital Dechter Capital deficit, Flowers 10,000) s 25,000 200,000 165,000 40,000 18,000 Required: Assuming that the actual liquidation expenses are $20,000 and that be distributed. Flowers has net personal assets of S10,000. noncash assets are sold for $160,000, determine how the assets will

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