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In liquidation of Peterson, Laney and Howell Partnership, balances prior to the distribution of cash to the partners are: Cash $900,000; Peterson, Capital $420,000; Laney,

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In liquidation of Peterson, Laney and Howell Partnership, 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. $420,000 b. $375,000 c. $450,000 O d. $408,750 Previous page Next page

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