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Amy and Bamy, partners of Amy & Bamy LLP, who share net income and losses in a 60:40 ratio respectively, decided to liquidate the partnership.
Amy and Bamy, partners of Amy & Bamy LLP, who share net income and losses in a 60:40 ratio respectively, decided to liquidate the partnership. A portion of the noncash assets had been realized, but assets with a carrying amount of $42,000 were yet to be realized. All liabilities had been paid, and cash of $20,000 was available for distribution to partners. The partners' capital account credit balances were $40,000 for Amy and $22,000 for Bamy. the amount of cash :(totaling 20,000) to be distributed to each partner is Select one .a .to Amy and $12,000 to Bamy $8,000 .b .to Amy and $8,000 to Bamy $12,000 .C .to Amy and $5,200 to Bamy $14,800 .d .to Amy and $14,800 to Bamy $5,200
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