On December 1, 20X9, the partners of Tim, Williams, and Levin, who share profits and losses in the ratio of 4:4:2, decided to liquidate their partnership. On this date the partnership condensed balance sheet was as follows: Cash$100,000 Liabilities$90,000 Other Assets 300,000 Tim, Capital 100,000 William, Capital 120,000 Levin, Capital 90,000 Total$400,000 Total$400,000 On December 11, 20X9, the first cash sale of other assets with a carrying amount of $200,000 realized $140,000. Safe installment payments to the partners were made on the same date. How much cash should be distributed to each partner? Tim William LevinA)$40,000 $48,000 $18,000 B)$40,000 $40,000 $20,000 C)$36,000 $56,000 $58,000 D)$24,000 $24,000 $12,000
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
Business
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