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 $ 69,000 Pierce, capital 29,700 Menton, capital 52,000 Hoehn, capital 22,700 Which of the following statements is true? Multiple Choice The first available $4,700 will go to Hoehn. The first available $6,600 will go to Menton. Carney will be the last partner to receive any available cash. Carney will collect a portion of any available cash before Hoehn receives money.

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.

MC Qu. 35 If the land is sold for...

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