Use the following account balance information for Grinotfin Partnership with income ratios of 2:4:4 for Grigsby, Nott, and Fine, respectively. Assume that, as part of liquidation proceedings, Grinotfin sells its noncash assets for $120,000. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Fine would be:

Question

Use the following account balance information for Grinotfin Partnership with income ratios of 2:4:4 for Grigsby, Nott, and Fine, respectively.  Assume that, as part of liquidation proceedings, Grinotfin sells its noncash assets for $120,000. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Fine would be:

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The Answer of Use the following account balance information for Grinotfin Partnership with income ratios of 2:4:4 for Grigsby, Nott, and Fine, respectively.  Assume that, as part of liquidation proceedings, Grinotfin sells its noncash assets for $120,000. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Fine would be:

Use the Following Account Balance Information for Grinotfin Partnership with Income