The following condensed balance sheet is presented for the partnership of A, B, and C...
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Accounting
The following condensed balance sheet is presented for the partnership of A, B, and C who share profits and losses in the ratio of 4:3:3, respectively.
Cash
100,000
Other Assets
300,000
TOTAL ASSETS
400,000
Liabilities
150,000
A, Capital
40,000
B, Capital
180,000
C, Capital
30,000
TOTAL LIABILITIES AND CAPITAL
400,000
The Partners agreed to dissolve the partnership after selling the other assets for $200,000. Upon dissolution of the partnership, how much should each partner receive?
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