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Use the Following Information to Answer Questions The Partners Share Income in a 3:5:2 Ratio

Question 70

Multiple Choice

Use the following information to answer Questions.
The balance sheet of the TUV Partnership is as follows:
 Assets  Liabilities  Cash $40,000 Loan payable-Vaswani $20,000 Loan receivable-Upreti 30,000 Other liabilities 190,000 Other assets 530,000 Total liabilities 210,000 Capital  Talwar 47,000 Upreti 260,000 Vaswani 83,000 Total capital 390,000 Total $600,000 Total $600,000\begin{array}{|l|r|l|r|}\hline \text { Assets } & & \text { Liabilities } & \\\hline \text { Cash } & \$ 40,000 & \text { Loan payable-Vaswani } & \$ 20,000 \\\hline \text { Loan receivable-Upreti } & 30,000 & \text { Other liabilities } & \underline{190,000} \\\hline \text { Other assets } & 530,000 & \text { Total liabilities } & \underline{210,000} \\\hline & & \text { Capital } & \\\hline & & \text { Talwar } & 47,000 \\\hline & & \text { Upreti } & 260,000 \\\hline & & \text { Vaswani } & \underline{83,000} \\\hline & & \text { Total capital } & \underline{390,000} \\\hline \text { Total } & \$ 600,000 & \text { Total } & \$ 600,000 \\\hline\end{array}
The partners share income in a 3:5:2 ratio. The other assets are sold for $350,000, and no other capital is contributed by any of the partners.
-How much total cash is distributed to Talwar?


A) $ 0
B) $ 7,000
C) $15,000
D) $28,000

Correct Answer:

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