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The Partnership of D, E, and F has the following account balances just prior to the liquidation of the partnership: Cash, $90,000; Noncash Assets, $570,000; Liabilities, $300,000: D, Capital, $120,000; E, Capital, $180,000; and F, Capital, $60,000. The partners' income and loss sharing ratio is 2:3:5 (D:E:F), respectively. If the D, E, and F Partnership is liquidated by selling the Noncash Assets for $600,000, and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M953421

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