Advanced accounting

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Carney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are Carney, capital $ 79, 060 Pierce, capital 32,700 Menton, capital 62,000 Hoehn, capital 25, 700 Which of the following statements is true? Multiple Choice O Carney will be the last partner to receive any available cash. O The first available $10,600 will go to Menton. O The first available $7,700 will go to Hoehn. O Carney will collect a portion of any available cash before Hoehn receives money.A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 432:1 basis, respectively. Capital balances at the current time are Bell, capital $93,598 Handy, capital 82,398 Dennar'd, capital 17,398 Suddath, capital 97,388 Bell's creditors have led a $38,000 claim against the partnership's assets. The partnership currently holds assets of $470,000 and liabilities of $180,500. lfthe assets can be sold for $276,000, what is the minimum amount that Bell's creditors would receive? Multiple Choice 0 $4.500 O 0 $6,700 0 $15,500 The Keller, Long, and Mason partnership had the following balance sheetjust before entering liquidation: Cash $115,338 Liabilities $ 45,338 Noncash assets 238,338 Keller, Capital 188,338 Long, Capital 78,338 Mason, Capital 138,338 Total $345,338 Total $345,338 Keller, Long, and Mason share prots and losses in a ratio of 2:4:4. The partnership feels condent it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive ofa total $T0,000 distribution of cash? Keller Long Mason A} $46,663? $ 9 $23,333 B} $14,338 $28,338 $28,338 C} $38,338 $13,333 $26,661\" D } $78, 338 $ 8 $ 8 E} $15,338 $ 8 $55,338 | Multiple Choice Option E. Option A. Option D. Option C. Option B. 00000