Question
Incorrect answer icon Your answer is incorrect. Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and
Incorrect answer icon
Your answer is incorrect.
Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively.
AssetsLiabilities and Owner's EquityCash$52400Accounts payable$125300AccountsGranger, Capital137600receivable132300Noble, Capital48300Inventory438000Finn, Capital311500$622700
$622700
Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $360600. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would be
$227620.
$311500.
$203900.
$143600.
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