Question

Please help

Answer 1

The partnership of Brandon and Ryan is being liquidated. All gains and
losses are shared in a 3:1 ratio, respectively. Before liquidation, their
balance sheet balances are as follows:
Cash $10,000
Other Assets 8,000
Liabilities 4,000
Brandon, Capital 7,000
Ryan, Capital 7,000
a. If the Other Assets are sold for $10,000, how much will each partner
receive before paying liabilities and distributing the remaining
assets?
b. If the Other Assets are sold for $8,000, how much will each partner
receive before paying liabilities and distributing remaining assets?

Answer 2

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