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Alex and Bess have been in partnership for many years. The partners, who share profits and

Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,000. At the date the partnership ceases operations, the balance sheet is as follows:

 


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Cash $ 47,000 Liabilities $ 35,500
Noncash assets   125,000 Alex, capital   75,000
      Bess, capital   61,500
Total assets $ 172,000

Dec 05 2019 View more View Less

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