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Question 33 The Florida-Surfers partnership had the following balance sheet just before its final liquidation:...

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Question 33 The Florida-Surfers partnership had the following balance sheet just before its final liquidation: Cash Inventory $80,000 120,000 $90,000 120,000 Liabilities Phyllis, Capital (50% of profits and losses) Sara, capital (20%) Robin. Capital (30%) 60,000 230,000 $ 500,000 Other Assets 300,000 Total Total The "Other Assets" are sold for $180,000 and liquidation expenses are estimated to be $10,000. What distribution, if any, can be made to the partners? O Phyllis 80,000; Sara 32,000; Robin 48,000; O Phyllis 0; Sara 8,000; Robin 152,000; O Phyllis 120,000; Sara 60,000; Robin 230,000 No distribution can be made until al liabilities are fully paid None of the answers is correct

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