The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:

Required:
If the investment was sold for $80,000, how much cash would each partner have received?

Question

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:
 
Required:
If the investment was sold for $80,000, how much cash would each partner have received?

Quizplus · Accepted Answer

The Answer of The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were:
 
Required:
If the investment was sold for $80,000, how much cash would each partner have received?

The Amos, Billings, and Cleaver Partnership Had Two Assets: (1)