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The balance sheet for the Delphine, Xavier, and Olivier partnership follows:
| Cash | $ 66,480 | Liabilities | $ 44,500 |
| Noncash assets | 118,000 | Delphine, capital | 68,820 |
| Xavier, capital | 49,000 | ||
| Olivier, capital | 22,160 | ||
| Total assets | $ 184,480 | Total liabilities and capital |
Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to terminate the business and estimate that $13,800 in liquidation expenses will be incurred.
Required:
- What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets?
- Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets.
