The balance sheet of Ryan,James and Peter firm as on December 31,2017,is given below.
Ryan,Peter,and James share profits in the ratio 3:2:1.They have decided to liquidate the partnership with immediate effect.The furniture and the equipment were sold at a cumulative loss of $7,000.The accounts receivable were received in cash and the other assets were written off as worthless.The accounts payable and other liabilities were paid off at book value.James argued that he should receive a portion of the remaining cash,but Peter and Ryan argued otherwise.How much cash should James receive or pay?
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Emotional Preparation
The process of readying one's emotional state or mindset to face a particular situation or task.
Physical Examination
A thorough assessment of a patient's body by a healthcare professional to detect any signs of disease or abnormalities.
Prognosis
A prediction of the probable course of a disease in an individual and the chances of recovery.
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A position where an individual lies on their back, with legs bent and knees apart, often used in medical examinations.
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