The balance sheet of Fox Partnership at September 30, 20XX shows:

Various assets 400,000

Various liabilities 100,000

Capital Thomas 120,000

Capital Renee 90,000

Capital Oscar 60,000

Capital Yvonne 30,000

The partners share income equally. Under a cash distribution plan, how would the first $150,000 be distributed?

$100,000 to creditors, $50,000 equally among the four partners $100,000 to creditors, $40,000 to Thomas, $10,000 to Renee $100,000 to creditors, $50,000 equally to Thomas and Oscar $100,000 to creditors, $50,000 equally among Thomas, Renee, and Oscar

Answer rating: 100% (QA)

Under a cash distribution plan the first 150000 wo... View the full answer