A local partnership was considering the possibility of liquidation. Capital account balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively.

Ding, capital $60,000

Laurel, capital $ 67,000

Ezzard, capital $ 17,000

Tillman, capital $96,000

At that time, the partnership held noncash assets reported at $360,000 and liabilities of $120,000. There was no cash on hand at the time.

If the assets could be sold for $228,000 and there are no liquidation expenses, what is the amount that Ding would receive from the liquidation?

Multiple Choice A $36,000. B $0. C $2,500. D $38,720. E $67,250.

A partnership has the following capital balances: X (50 percent of profits and losses) = $150,000; Y (30 percent of profits and losses) = $120,000; Z (20 percent of profits and losses) = $80,000. If the partnership is to be liquidated and $30,000 becomes immediately available, who gets that money?

Multiple Choice

A $24,000 to X, $6,000 to Y, $0 to Z.

B $12,800 to X, $8,600 to Y, $8,600 to Z.

C $0 to X, $18,000 to Y, $12,000 to Z.

D $15,000 to X, $9,000 to Y, $6,000 to Z.

A local partnership has assets of cash of $30,000 and land recorded at $700,000. All liabilities have been paid and the partners are all personally insolvent. The partners capital accounts are as follows Roberts, $500,000, Ferry, $300,000 and Mones, $30,000. The partners share profits and losses 5:3:2.

If the land is sold for $450,000, how much cash will Mones receive in the final settlement?

Multiple Choice

$0.

$15,000.

$300,000.

$217,500.

$362,500.