The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation: Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive of a total $70,000 distribution of cash?
A) Option A.
B) Option B.
C) Option C.
D) Option D.
E) Option E.

Question

The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:  Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive of a total $70,000 distribution of cash? 
A) Option A. 
B) Option B. 
C) Option C. 
D) Option D. 
E) Option E.

Quizplus · Accepted Answer

The Answer of The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:  Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive of a total $70,000 distribution of cash? 
A) Option A. 
B) Option B. 
C) Option C. 
D) Option D. 
E) Option E.

The Keller, Long, and Mason Partnership Had the Following Balance