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In liquidation, balances prior to the distribution of cash to the partners are: Cash $800,000; Peterson, Capital $370,000; Laney, Capital $340,000, and Howell, Capital $90,000.
In liquidation, balances prior to the distribution of cash to the partners are: Cash $800,000; Peterson, Capital $370,000; Laney, Capital $340,000, and Howell, Capital $90,000. The income ratio is 6:2:2, respectively. How much cash should be distributed to Peterson? a. $222,000 b. $360,000 c. $370,000 d. $420,000
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Managerial Accounting Working Papers
Authors: John G. Helmkamp
2nd Edition
0471514292, 978-0471514299
