50.1K

Verified Solution

Link Copied!

. The Henry, Isaac and Jacobs partnership was about to enter liquidation with the following account balances: Estimated expenses of liquidation were $5,000. Henry, Isaac and Jacobs shared profits and losses in a ratio of 2:4:4. Before liquidating any assets, the partners determined the amount of cash available for safe payments. How should the cash be distributed? A. In a ratio of 1:2:2 among the partners B. $18,333 to Henry and $16,667 to Jacobs C. In a ratio of 1:2 between Henry and Jacobs D. $15,000 to Henry and $10,000 to Jacobs E. $11,364 to Henry and $13,636 to Jacobs 18 J. A local partnership was in the process of liquidating and reported the following capital balances: Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then available. How much of this money should zobart receive? A. $15,000 B. $15,467 C. $17,333 D. $16,533 E. $15,867 Dancey, Reese, Newman and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, capital balances were as follows: Which one of the following statements is true? A. The first available $16,000 would go to Newman B. The first available $16,000 would go to Dancey C. The first available $8,000 would go to Jahn D. The first available $8,000 would go to Reese E. The first available $4,000 would go to Jahn

Answer & Explanation Solved by verified expert

See Answer