Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A local partnership was in the process of liquidating and reported the following capital balances: Justice Capital (40% income share) $23,000 Zobart Capital (35% income

A local partnership was in the process of liquidating and reported the following capital balances:

Justice Capital (40% income share) $23,000

Zobart Capital (35% income share) $22,000

Douglas Capital (25% income share) ($14,000)

Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then available. How much of this money should Zobart receive?

$8,000

$15,420

$14,570

$14,467

$15,467

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv

9th Edition

130898414, 9780132997379, 978-0130898418, 132997371, 978-0132569309

Students also viewed these Accounting questions