The following condensed balance sheet is presented for the partnership of D, E, and F who share profits and losses in the ratio of 5:3:2, respectively:   Cash$100,000 Other Assets 480,000  $580,000 Liabilities$160,000 D, Capital 200,000 E, Capital 130,000 F, Capital 90,000 Total$580,000 The partners agreed to liquidate the partnership after selling the other assets.Refer to the above information. If the other assets are sold for $80,000, and all partners are personally insolvent, how much should E receive upon liquidation?

A. $20,000
B. $6,000
C. $10,000
D. $0


Answer: C

Business

You might also like to view...

Define the term ethical dilemma.

What will be an ideal response?

Business

In a short essay, list and discuss the two types of errors that can occur whenever inferences are drawn about a population

What will be an ideal response?

Business

Although speakers sometimes choose a topic for a presentation, they may be assigned a topic as well

Indicate whether the statement is true or false

Business

Describe the six steps of the process that marketers can use to establish prices.

What will be an ideal response?

Business