A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20 percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events should occur now? a. Jones should receive $3,000 cash because of the loan balance. b. Fuller should receive $11,800 and Rogers $4,200. c. Fuller should receive $10,600 and Rogers $5,400. d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200
A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20 percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events should occur now? a. Jones should receive $3,000 cash because of the loan balance. b. Fuller should receive $11,800 and Rogers $4,200. c. Fuller should receive $10,600 and Rogers $5,400. d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![A partnership has gone through liquidation and now reports the following account
balances:
Cash
Loan from Jones
Wayman, capital
Jones, capital
Fuller, capital
Rogers, capital
$16,000
3,000
(2,000) (deficit)
(5,000) (deficit)
13,000
7,000
Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20
percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events
should occur now?
a. Jones should receive $3,000 cash because of the loan balance.
b. Fuller should receive $11,800 and Rogers $4,200.
c. Fuller should receive $10,600 and Rogers $5,400.
d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faba1662c-2317-4271-81bc-2b94711d9ccd%2F308b107c-b4fd-40cd-9ae2-fdebf4899feb%2Fv8p677g_processed.png&w=3840&q=75)
Transcribed Image Text:A partnership has gone through liquidation and now reports the following account
balances:
Cash
Loan from Jones
Wayman, capital
Jones, capital
Fuller, capital
Rogers, capital
$16,000
3,000
(2,000) (deficit)
(5,000) (deficit)
13,000
7,000
Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20
percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events
should occur now?
a. Jones should receive $3,000 cash because of the loan balance.
b. Fuller should receive $11,800 and Rogers $4,200.
c. Fuller should receive $10,600 and Rogers $5,400.
d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200
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