The following condensed balance sheet is presented for the partnership of A, B, and C...
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Accounting
The following condensed balance sheet is presented for the partnership of A, B, and C who share profits and losses in the ratio of 4:3:3, respectively.
| Cash | 100,000 |
| Other Assets | 300,000 |
| TOTAL ASSETS | 400,000 |
| Liabilities | 150,000 |
| A, Capital | 40,000 |
| B, Capital | 180,000 |
| C, Capital | 30,000 |
| TOTAL LIABILITIES AND CAPITAL | 400,000 |
The Partners agreed to dissolve the partnership after selling the other assets for $200,000. Upon dissolution of the partnership, how much should each partner receive?
(Show Calculations)
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