Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the process of liquidation, the partnership sells non-cash assets, having a book value of $85,000, for $92,000. What would be the amount credited to Harry's capital account from his share of the gain on sale of assets? $2,333 $3,500 $1,167 $8,333

Harry, Tony, and Liza run a partnership firm and share in the profits 1:3:2, respectively. In the process of liquidation, the partnership sells non-cash assets, having a book value of $85,000, for $92,000. What would be the amount credited to Harry's capital account from his share of the gain on sale of assets? $2,333 $3,500 $1,167 $8,333

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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