10) The ABC partnership has the following capital accounts on its books at December 31, 2017: Credit $200,000 120,000 40,000 A, Capital B, Capital C, Capital All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $200,000, the partners should receive as a final payment: a) A, $152,000; B, $88,000 C, $40,000 b) A, $128,000, B, $72,000; C, S-0- c) A. $152,000; B, $88,000, C, S-0- d) A, $60,000; B, $40,000; C, $100,000

10) The ABC partnership has the following capital accounts on its books at December 31, 2017: Credit $200,000 120,000 40,000 A, Capital B, Capital C, Capital All liabilities have been liquidated and the cash balance is zero. None of the partners have personal assets in excess of his personal liabilities. The partners share profits and losses in the ratio of 3:2:5. If the noncash assets are sold for $200,000, the partners should receive as a final payment: a) A, $152,000; B, $88,000 C, $40,000 b) A, $128,000, B, $72,000; C, S-0- c) A. $152,000; B, $88,000, C, S-0- d) A, $60,000; B, $40,000; C, $100,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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