The partnership of Winn, Xie, Yang, and Zed has the followingbalance sheet:Cash$55,000...The partnership of...

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Accounting

The partnership of Winn, Xie, Yang, and Zed has the followingbalance sheet:
Cash $ 55,000 Liabilities $ 63,000
Other assets 318,000 Winn, capital (50% of profits and losses) 85,000
Xie, capital (30%) 105,000
Yang, capital (10%) 65,000
Zed, capital (10%) 55,000
Zed is personally insolvent, and one of his creditors isconsidering suing the partnership for the $3,000 that is currentlyowed. The creditor realizes that this litigation could result inpartnership liquidation and does not wish to force such an extremeaction unless Zed is reasonably sure of obtaining at least $3,000from the liquidation.
Determine the amount for which the partnership must sell theother assets to ensure that Zed receives $3,000 from theliquidation. Liquidation expenses are expected to be $40,000.

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In: AccountingThe partnership of Winn, Xie, Yang, and Zed has the followingbalance sheet:Cash$55,000...The partnership of Winn, Xie, Yang, and Zed has the followingbalance sheet:Cash$55,000Liabilities$63,000Other assets318,000Winn, capital (50% of profits and losses)85,000Xie, capital (30%)105,000Yang, capital (10%)65,000Zed, capital (10%)55,000Zed is personally insolvent, and one of his creditors isconsidering suing the partnership for the $3,000 that is currentlyowed. The creditor realizes that this litigation could result inpartnership liquidation and does not wish to force such an extremeaction unless Zed is reasonably sure of obtaining at least $3,000from the liquidation.Determine the amount for which the partnership must sell theother assets to ensure that Zed receives $3,000 from theliquidation. Liquidation expenses are expected to be $40,000.


Cash	$	55,000	Liabilities	$	63,000
Other assets		318,000	Winn, capital (50% of profits and losses)		85,000
			Xie, capital (30%)		105,000
			Yang, capital (10%)		65,000
			Zed, capital (10%)		55,000