Tom,Dick,and Harry are partners in an equipment leasing business that has not been able to generate the type of revenue expected by the partners.They share profits and losses in a ratio of 5:3:2.They have decided to liquidate the business and have sold all the assets except for one piece of heavy machinery.All partnership liabilities have been settled and all the partners are personally insolvent.The machinery has a book value of $65,000,and the partners have capital account balances as follows:
Each of the following is an independent case.
-Refer to the information given above.What amount of cash will each partner receive as a liquidating distribution if the machinery is sold for $1,100?
Definitions:
Dollar Rate
The exchange rate of a currency against the US dollar, indicating how much one US dollar is worth in the foreign currency.
Mathematical Definition
A precise and formal description of a term or concept within the realm of mathematics.
Investment
The act of allocating resources, usually money, with the expectation of achieving a gain or profit over time.
Capital Gains Yield
The price appreciation component of the total return on an investment, excluding dividends.
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