Question

A local partnership is liquidating and is currently reporting the following capital balances:
Angela, capital (50% share of all profits and losses) . . . . . . . . . . . . . .$ 19,000
Woodrow, capital (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
Cassidy, capital (20%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,000)
Cassidy has indicated that a forthcoming contribution will cover the $12,000 deficit. However, the two remaining partners have asked to receive the $25,000 in cash that is presently available. How much of this money should each of the partners be given?
a. Angela, $13,000; Woodrow, $12,000.
b. Angela, $11,500; Woodrow, $13,500.
c. Angela, $12,000; Woodrow, $13,000.
d. Angela, $12,500; Woodrow, $12,500.



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  • CreatedOctober 04, 2014
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