And originally purchased for $30,000 is sold for $62,000 in cash. what is the effect of the sale on the accounting equation? a. assets increase by $62,000; liabilities decrease by $30,000; owner's equity increases by $32,000 b. assets increase by $32,000; owner's equity increases by $32,000 c. assets increase by $30,000; no change in liabilities; owner's equity increases by $62,000 d. assets increase by $62,000; owner's equity increases by $62,000

The partnership of douglas, ryan, and ellen has dissolved and is in the process of liquidation. on july 1, 2016, just before the second cash distribution, the assets and equities of the partnership along with profit and loss sharing ratios were as follows: cash $30,000receivable - net $20,000inventories $25,000equipment - net $30,000total assets $80,000liabilities $12,000douglas, capital (20%) $28,000ryan, capital (50%) $24,000ellen, capital (30%) $16,000total liab./equity $80,000assume that the available cash is distributed immediately, except for a $2,000 contingency fund that is withheld pending complete liquidation of the partnership. how much cash should be paid to each of the partners? a. $3,200 douglas, $8,000 ryan, $4,800 ellenb. $5,600 douglas, $14,000 ryan, $8,400 ellenc. $16,000 douglas, $0 ryan, $0 ellend. $8,000 douglas, $0 ryan, $8,000 ellen