A local partnership was in the process of liquidating and reported the following Capital account balances: Justice, capital (40% share of all profits and losses)$23,000 Zobart, capital (35%) 22,000 Douglass, capital (25%) (14,000)??Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.?How much of the $31,000 in the cash account should Justice receive?
A. $15,467.
B. $17,333.
C. $15,533.
D. $15,867.
E. $16,533.
Answer: C
You might also like to view...
Blogs are a form of word-of-mouth communications
Indicate whether the statement is true or false
Realized capital gains are
A. increases in the value of a firm that occur because a firm has retained earnings that are exempt from corporate profits taxes. B. capital gains that are owned by foreigners. C. capital gains that an investor receives from actually selling stock. D. capital gains that have been accrued but not yet received because the stock has not been sold.
According to the text, the income statement is in fact a subset of the balance sheet, because information from the income statement columns flows into the balance sheet columns
a. True b. False Indicate whether the statement is true or false
Firms paying high capital costs are frequently unable to stay in a market in which the competition comes from a nation with low capital costs
Indicate whether the statement is true or false