Slocum, Ritzlin, and Herber have capital balances before liquidation of $9,000, $22,000, and $29,000, respectively. Cash balance

Question:

Slocum, Ritzlin, and Herber have capital balances before of $9,000, $22,000, and $29,000, respectively. Cash balance is $46,000, and the partners share losses and gains in a 3:2:1 ratio. All noncash assets with a book value of $14,000 are sold, for a gain on realization of $27,000.
In your calculations assume that no liabilities are a factor. What will each partner receive in cash in the process?

Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....