Alex, Bob, and Ciara are partners, sharing income 2:1:2 respectively. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Alex, $10,000 Cr; Bob, $10,000 Cr; and Ciara, $30,000 Cr. How much cash should be distributed to Alex? O a. $6,000 O b. $16,667 O. $20,000 O d. $10,000

Alex, Bob, and Ciara are partners, sharing income 2:1:2 respectively. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Alex, $10,000 Cr; Bob, $10,000 Cr; and Ciara, $30,000 Cr. How much cash should be distributed to Alex? O a. $6,000 O b. $16,667 O. $20,000 O d. $10,000

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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ACCOUNTING PRINCIPLES II course

Alex, Bob, and Ciara are partners, sharing income 2:1:2 respectively. After selling
all of the assets for cash, dividing gains and losses on realization, and paying
liabilities, the balances in the capital accounts are as follows: Alex, $10,000 Cr;
Bob, $10,000 Cr; and Ciara, $30,000 Cr. How much cash should be distributed to
Alex?
a. $6,000
O b. $16,667
C.
$20,000
O d. $10,000

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