Question
1.In liquidation, balances prior to the distribution of cash to the partners are: Cash $800,000; Peterson, Capital $370,000; Laney, Capital $340,000, and Howell, Capital $90,000.
1.In liquidation, balances prior to the distribution of cash to the partners are: Cash $800,000; Peterson, Capital $370,000; Laney, Capital $340,000, and Howell, Capital $90,000. The income ratio is 6:2:2, respectively. How much cash should be distributed to Peterson?
a.$370,000
b.$360,000
c.$420,000
d.$222,000
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Accounting Principles
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
IFRS global edition
1-119-41959-4, 470534796, 9780470534793, 9781119419594 , 978-1119419617
