Business, 12.02.2020 00:04 PlzHelpMeOutKam2693

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all non-cash assets are sold and all liabilities are paid, there is a cash balance of $35,000.
A. What is the amount loss on realization?
B. How should the gain or loss be divided between Hewitt and Patel?
C. How should the cash be divided between Hewitt and Patel?

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Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their part...