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Posted: September 30th, 2023
Dupage ACC 2205 Bill, Page, Larry, and Scott have decided to terminate their partnership.
Bill, Page, Larry, and Scott have decided to terminate their partnership. The partnership's balance sheet at the time they decide to wind up is as follows:Cash$100,000Liabilities$100,000Other Assets 300,000Bill, Capital 25,000Page, Capital 110,000Larry, CapitalScott, Capital 100,000 65,000Total$400,000Total $400,000During the winding up of the partnership, the other assets are sold for $150,000 and the liabilities are paid. Page and Larry are personally solvent, but Bill and Scott are personally insolvent. The partners share profits and losses in the ratio of 4:2:1:3. What amount will be paid out to Bill upon liquidation of the partnership?A.$0B.$25,000C.$11,667D.$2,500
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