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. In liquidation, balances prior to the distribution of cash to the partners are: Cash $900,000; Peterson, Capital $420,000; Laney, Capital $390,000, and Howell, Capital
. In liquidation, balances prior to the distribution of cash to the partners are: Cash $900,000; Peterson, Capital $420,000; Laney, Capital $390,000, and Howell, Capital $90,000. The income ratio is 6:2:2, respectively. How much cash should be distributed to Peterson? a $375,000 b. $408,750 c. $420,000 d. $450,000
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Auditing Assurance And Risk
Authors: W Robert Knechel, Steven E Salterio
4th Edition
1315531720, 9781315531724
