Windl, Houghton, and Pahli decided to liquidate their partnership on October 1. Before the noncash assets were sold, the capital account balances were Windl, $87,400; Houghton, $34,500; and Pahli, $50,800. The partners divide profits and losses equally. After the noncash assets are sold and the liabilities are paid, the partner- ship has $172,700 of cash.

Instructions

(a) How much cash will each partner receive in the final liquidation?

(b) Assume instead that there is $142,700 of cash after the noncash assets are sold and the liabilities are paid. How much cash will each partner receive?