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The Partners' Income and Loss Sharing Ratio Is 2:3:5 Respectively

Question 120

Multiple Choice

The partners' income and loss sharing ratio is 2:3:5 respectively. The partners' income and loss sharing ratio is 2:3:5 respectively. If the CHENARD JENNINGS and BLAIR Partnership is liquidated by selling the noncash assets for $195000 and creditors are paid in full what is the amount of cash that can be safely distributed to each partner? A) CHENARD $36000; JENNINGS $54000; BLAIR $0. B) CHENARD $42000; JENNINGS $63000; BLAIR $15000. C) CHENARD $34500; JENNINGS $55500; BLAIR $0. D) CHENARD $33000; JENNINGS $57000; BLAIR $0. If the CHENARD JENNINGS and BLAIR Partnership is liquidated by selling the noncash assets for $195000 and creditors are paid in full what is the amount of cash that can be safely distributed to each partner?


A) CHENARD $36000; JENNINGS $54000; BLAIR $0.
B) CHENARD $42000; JENNINGS $63000; BLAIR $15000.
C) CHENARD $34500; JENNINGS $55500; BLAIR $0.
D) CHENARD $33000; JENNINGS $57000; BLAIR $0.

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