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After Several Years of Business, Abel, Barney, and Cole Are

Question 72

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After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances. After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances. Non-cash assets are sold for $305,000. Profits and losses are shared equally. After all liabilities are paid, divide the remaining cash amongst the partners. Non-cash assets are sold for $305,000. Profits and losses are shared equally.
After all liabilities are paid, divide the remaining cash amongst the partners.

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