Problem
Gifford, Lawrence, and Ma share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Gifford, $32,000 Cr.; Lawrence, $62,500 Cr.; Ma, $15,000 Dr.
What is the amount of cash on hand?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.