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. The CAT partnership is terminating because of financial problems. Partner T is insolvent. Just before...

. The CAT partnership is terminating because of financial problems. Partner T is insolvent. Just before beginning liquidation, the partnership had the following account balances: Debit Credit Cash $ 60,000 Noncash assets 355,000 Liabilities $240,000 C, capital 60,000 A, capital 70,000 T, capital 45,000

C, A, and T share profits and losses in a ratio of 2:2:1. They expect liquidation expenses of $10,000. T has personal assets with a fair value of $12,000 and liabilities of $50,000.

Required: Assume that the noncash assets will be sold for $255,000. Determine the total amount of cash each of the following would expect to receive when partnership assets and R’s personal assets have been liquidated (a liquidation schedule is highly recommended): a) the partnership creditors b) C c) A d) T’s personal creditors

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