Edith, Archie, and Gloria were partners in EAG Partnership, which has been dissolved. When EAG was formed, Edith contributed capital of $90,000, Archie contributed capital of $45,000 and Gloria contributed capital of $15,000. The three partners agreed to share profits and losses in this manner: 50 percent to Edith; 30 percent to Archie; and 20 percent to Gloria. Following liquidation of all partnership assets and distribution of the proceeds to creditors, there remains $36,000 due and owing to outside partnership creditors. Among Edith, Archie, and Gloria, which amount represents Edith's proper share of the amount still owed to creditors? 

a. $18,000 

b. $3,000 

c. $21,600 

d. $12,000

Answer rating: 100% (QA)

To determine Ediths proper share of the amount still ow... View the full answer