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On January 1, Year 1, the partners of the Snell and Thomas Partnership had capital...

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Accounting

On January 1, Year 1, the partners of the Snell and Thomas Partnership had capital account balances of $40,000 and $20,000 respectively. They shared net income and losses equally, and the partnership had a net income of $10,000 during Year 1. On December 31, Year 1, the partnership was liquidated. If after realization of assets and payment of liabilties, $30,000 remained for distribution to the partners, Snell received how much? A. $15,000 B. $20,000 C. $25,000 D. $30,000 E. Some other amount

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