A partnership has gone through liquidation and now reports the following account balances: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?Jones should receive $3,000 cash because of the loan balance.Fuller should receive $11,800 and Rogers $4,200.Fuller should receive $10,600 and Rogers $5,400.Jones should receive $3,000, Fuller $8,800, and Rogers $4,200. Cash ....Loan from Jones.Wayman, capitalJones, capital.....Fuller, capital ....Rogers, capital.$ 16,000(2,000) (deficit)(5,000) (deficit)13,0007,000

Identify the correct option for the events that should occur now: Option c. The events that should…

Answered: Cash .... Loan from Jones. Wayman,…

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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A partnership has gone through liquidation and now reports the following account balances:

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?

Jones should receive $3,000 cash because of the loan balance.
Fuller should receive $11,800 and Rogers $4,200.
Fuller should receive $10,600 and Rogers $5,400.
Jones should receive $3,000, Fuller $8,800, and Rogers $4,200.

Cash ....
Loan from Jones.
Wayman, capital
Jones, capital.....
Fuller, capital ....
Rogers, capital.
$ 16,000
(2,000) (deficit)
(5,000) (deficit)
13,000
7,000

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