The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given...

 

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The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets Liabilities $18,000 Accounts Payable 10,000 Other liabilities 10,000Partners' Equity 15,000Ryan, Capital 7000 Peter, Capital James, Capital Total liabilities and partners $60,000equity $15,000 24,000 9000 10,000 2000 $60,000 Ryan, Peter, and James share profits 3.21 They liquidate the partnership. The furniture and equipment are sold at a $8000 loss. The accounts receivable were collected in full and the other assets were written off as worthless. The liabilities were paid off at book value. James argued that he should receive a portion of the remaining cash, but Ryan and Peter disagree. How much cash should James receive or pay? Save All Am The balance sheet of Ryan, James and Peter's partnership as of December 31, 2018, is given below Assets Cash Accounts Receivable Furniture Equipment Other assets Total assets Liabilities $18,000 Accounts Payable 10,000 Other liabilities 10,000Partners' Equity 15,000Ryan, Capital 7000 Peter, Capital James, Capital Total liabilities and partners $60,000equity $15,000 24,000 9000 10,000 2000 $60,000 Ryan, Peter, and James share profits 3.21 They liquidate the partnership. The furniture and equipment are sold at a $8000 loss. The accounts receivable were collected in full and the other assets were written off as worthless. The liabilities were paid off at book value. James argued that he should receive a portion of the remaining cash, but Ryan and Peter disagree. How much cash should James receive or pay? Save All Am

Answer rating: 100% (QA)

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