Question
Henry and Thomas share gains and losses in the ratio of 2:1. After selling all assets for cash and paying all liabilities, the cash account
Henry and Thomas share gains and losses in the ratio of 2:1. After selling all assets for cash and paying all liabilities, the cash account has $12,000 in it. The capital accounts were as follows:
Henry $10,000; Thomas $2,000. How much of the $12,000 cash would Henry receive?
@ Henry receives cash to equal her capital balance
| A. | $8,000 |
| B. | $12,000 |
| C. | $2,000 |
| D. | $10,000 |
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
