The Partnership of Rick and Allan Is Being Liquidated If the Other Assets Are Sold for $10,000,how Much Will

question 130

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:
$\begin{array} { l l } \text { Cash } & \$ 10,000 \\\text { Other Assets } & 8,000 \\\text { Liabilities } & 4,000 \\\text { Rick, Capital } & 7,000 \\\text { Allan, Capital } & 7,000\end{array}$ If the Other Assets are sold for $10,000,how much will each partner receive upon liquidation?

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Definitions:

Internment

The detention of a group of people, especially during wartime, without trial, often based on their nationality or ethnicity.

Japanese Americans

Individuals of Japanese ancestry living in the United States, including both immigrants from Japan and their American-born descendants, often highlighted in discussions of immigration, cultural integration, and civil rights.

Ethnic Origin

The background or heritage of a person or community, identified by a shared culture, language, and ancestry.