The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:...
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The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:
Cash $ 100,000 Liabilities $ 40,000 Noncash assets 210,000 Keaton, Capital 90,000 Lewis, Capital 60,000 Meador, Capital 120,000 Total $ 310,000 Total $ 310,000
Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4.
The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation:
| Cash | $ | 100,000 | Liabilities | $ | 40,000 | |
| Noncash assets | 210,000 | Keaton, Capital | 90,000 | |||
| Lewis, Capital | 60,000 | |||||
| Meador, Capital | 120,000 | |||||
| Total | $ | 310,000 | Total | $ | 310,000 | |
| | ||||||
Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4.
Assuming noncash assets were sold for $60,000, how much will each partner receive in the liquidation?
| Keaton | Lewis | Meador | |||||||
| A) | $ | 40,000 | $ | 26,667 | $ | 53,333 | |||
| B) | $ | 24,000 | $ | 48,000 | $ | 48,000 | |||
| C) | $ | 56,667 | $ | 0 | $ | 53,333 | |||
| D) | $ | 0 | $ | 0 | $ | 120,000 | |||
| E) | $ | 36,000 | $ | 12,000 | $ | 72,000 | |||
| | |||||||||
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