Everett, Miguel, and Ramona are partners, sharing income 1:2:3 . After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,000 Dr.; and Ramona, $30,000 Cr. How much cash should be distributed to Everett assuming that Miguel pays the deficiency?
a. $50,000
b. $20,000
c. $30,000
d. $40,000
a
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The Johnson company has a current ratio of 1.45 . The company has just sold $600,000 worth of merchandise on credit. What will the current ratio be after the sales on credit?
a. greater than 1.45 b. 1.45 c. less than 1.45 d. unable to determine without more information
An extension clause allows the date of maturity of an instrument to be extended into the future
Indicate whether the statement is true or false
A predatory loan:
a. Is a loan that exceeds certain interest limitations or contains certain loan structures. b. Is any subprime loan. c. Can be affected by some state and local laws. d. None of the above
Which of the following is an example of primary data?
A) gathering your own data firsthand B) public information in libraries C) gathering information about your competition D) reading the newspaper