ase of a partner's 10. In the liquidation of a partnership, the balances prior to the distribution of cash to the partners are: Cash $204,000; Thatcher, Capital $112.000; Bennett, Capital $104,000; and Hays, Capital Deficiency $(12,000). The profit and loss ratio is 6:2:2, respectively. How much cash should be distributed to Bennett if Hays does not pay his capital deficiency? a. $101,600. b. $ 101,000. c. $100,000 d. $98.000. 11. The legal relationship among partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the scope of the partnership's business is referred to as: a. Unlimited liability b. Co-ownership of property. c. Goodwill. d. Mutual agency e. Association of individuals. 12. Jack invested 55.000 and will invested $10,000 in a partnership in which they agreed to share profit and losses by allowing a $9.000 per year salary, allowance to lack and a $12.000 per year Salary allowance to dill, plus interest on the partners investments at 10 percent and the balance to be shared caually. Under this agreement, the shares of the partners in a $21.000 profitare: a. $10.500 to Jack and $10,500 to Jill. b. $7.000 to Jack and $14,000 to Jill c. $9.000 to Jack and $12,000 to kill d. 58.750 to lack and $12.250 to Jill e. $9.500 to lack and $11.500 to Ji