Hardin, Sutton, and Williams Have Operated a Local Business as a Partnership

question 43

Essay

Hardin, Sutton, and Williams have operated a local business as a partnership for several years. All profits and losses have been allocated in a 3:2:1 ratio, respectively. Recently, Williams has undergone personal financial problems, and is insolvent. To satisfy Williams' creditors, the partnership has decided to liquidate.
The following balance sheet has been produced: During the liquidation process, the following transactions take place:
- Noncash assets are sold for $116,000.
- Liquidation expenses of $12,000 are paid. No further expenses are expected.
- Safe capital distributions are made to the partners.
- Payment is made of all business liabilities.
- Any deficit capital balances are deemed to be uncollectible.
Compute safe cash payments after the noncash assets have been sold and the liquidation expenses have been paid.

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Definitions:

Extrinsic

Refers to motivation or behavior driven by external rewards or stimuli, rather than internal factors.

Scholarships

Financial awards given to students based on various criteria, such as academic achievement, to support their education.

Belief

An acceptance that something exists or is true, especially without proof, or the mental attitude that something is considered to be true or probable.

Attitude

A mental inclination demonstrated through the assessment of a specific entity with a certain level of preference or aversion.