As of January 1, 2013, the partnership of Canton, Yulls, and Garr had the following account balances
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As of January 1, 2013, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses:
| Cash | $ 80,000 |
| Noncash assets | 205,000 |
| Liabilities | 47,000 |
| Canton, Capital (30%) | 138,000 |
| Yulls, Capital (40%) | 119,500 |
| Garr, Capital (30%) | (19,500) |
The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000.
- How much cash should each partner receive at this time, pursuant to a proposed schedule of liquidation?
- If the noncash assets are sold for $105,000, what would be the maximum amount of cash that Canton could expect to receive?
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