The partnership will be liquidated in installments. As cash becomes available, it will be distributed to the partners. If inventory costing $200,000 is sold for $140,000, how much cash should be distributed to each partner at this time?

The balance sheet for the partnership of Joan, Charles, and Thomas, whose shares of profits and losses are 40, 50, and 10 percent, respectively is as follows:

Transcribed Image Text:

Joan Charles Thomas $56,000 $70,000 $14,000 b. 16,000 20,000 4,000 32,000 0 8,000 d. 20.000 0 20,000