The henry isaac and jacobs partnership was about to enter, Ask an Expert

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The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances:
cash 90000 liabilities 60000

Noncash assets 300000 Henry capital 80000

Isaac capital 110000

Jacobs capital 140000

Total 390000 Total 390000

Estimated expenses of liquidation were $10,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.
Before liquidating any assets, the partners determined the amount of safe cash. To whom should the safe cash be distributed?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944950

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