9. A partnership is currently holding $400,000 in assets and $234,000 in liabilities. The partnership is to be liquidated, and $20,000 is the best estimation of the expenses that will be incurred during this process. The four partners share profits and losses as shown. Capital balances at the start of the liquidation follow: Kevin, capital (40%) $59,000 Michael, capital (30%) 39,000 Brendan, capital (10%) 34,000 Jonathan, capital (20%) 34,000 The partners realize that Brendan will be the first partner to start receiving cash. How much cash will Brendan receive before any of the other partners collect any cash? a. $12,250 b. $14,750 c. $17,000 d. $19,500 11. A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20 percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following should occur now? a. Jones should receive $3,000 cash because of the loan balance. b. Fuller should receive $11,800 and Rogers $4,200. c. Fuller should receive $10,600 and Rogers $5,400. d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200