=+PR 12-4A Admitting new partner obj. 3

✔ 3. Total assets,

$220,200 After the accounts are closed on September 10, 2010, prior to liquidating the partnership, the capital accounts of Kris Harken, Brett Sedlacek, and Amy Eldridge are $31,000, $5,700, and $24,500, respectively. Cash and noncash assets total $7,800 and $61,400, respectively.

Amounts owed to creditors total $8,000. The partners share income and losses in the ratio of 1:1:2. Between September 10 and September 30, the noncash assets are sold for $32,600, the partner with the capital deficiency pays his or her deficiency to the partnership, and the liabilities are paid.

Instructions