The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:...
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The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation: Cash $ 115,000 Liabilities $ 45,000 Noncash assets 230,000 Keller, Capital 100,000 Long, Capital 70,000 Mason, Capital 130,000 Total $ 345,000 Total $ 345,000 Keller, Long, and Mason share profits and losses in a ratio of 2:4:4. Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?
Keller Long Mason
A) $ 14,000 $ 28,000 $ 28,000
B) $ 37,000 $ 74,000 $ 74,000
C) $ 63,833 $ 0 $ 57,667
D) $ 0 $ 0 $ 121,500
E) $ 57,833 $ 12,000 $ 51,667
Multiple Choice:
Option A.
Option B.
Option C.
Option D.
Option E.
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