The Partnership of Rick and Allan Is Being Liquidated If the Other Assets Are Sold for $9,000,how Much Will

question 36

Short Answer

The partnership of Rick and Allan is being liquidated.All gains and losses are shared in a 3:5 ratio,respectively.Before liquidation,their balance sheet balances are as follows:
$$\begin{array} { l r } \text { Cash } & \$ 10,000 \\\text { Other Assets } & 8,000 \\\text { Liabilities } & 4,000 \\\text { Rick, Capital } & 7,000 \\\text { Allan, Capital } & 7,000\end{array}$$
If the Other Assets are sold for $9,000,how much will each partner receive upon liquidation?

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