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 is available for distribution to the partners?
A) $120,000
B) $30,000
C) $40,000
D) $90,000
Correct Answer:
Verified
Q131: Benson and Orton are partners who share
Q132: The Calvin-Dogwood Partnership owns inventory that was
Q133: Immediately prior to the admission of Allen,
Q134: A gain or loss on realization is
Q135: The Craig-Doran Partnership owns inventory that was
Q137: A partnership liquidation occurs when
A) a new
Q138: Adriana and Belen are partners who share
Q139: Immediately prior to the admission of Abbott,
Q140: The remaining cash of a partnership (after
Q141: Match each statement to the appropriate term
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents