Three university students, Cho, Kenney, and Martinez, operated a successful business, renting furniture and appliances to students

Question:

Three university students, Cho, Kenney, and Martinez, operated a successful business, renting furniture and appliances to students residing in dormitories and off-campus apartments. The three are now graduating and wish to sell the business before beginning their respective careers. They shared profits in a 7:5:4 ratio. The partnership's current is as follows:

Another student group, organized as a corporation, wants to buy the business. Their offer of $95,000 for the equipment and $8,000 for the receivables is accepted. After receipt of the $103,000, the liabilities are paid and the partnership is liquidated.
Required
How much does each partner receive?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...