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On December 1, 20X9, the partners of Tim, Williams, and Levin, who share profits and losses in the ratio of 4:4:2. decided to liquidate their
On December 1, 20X9, the partners of Tim, Williams, and Levin, who share profits and losses in the ratio of 4:4:2. decided to liquidate their partnership. On this date the partnership condensed balance sheet was as follows: Cash $100,000 Liabilities $90,000 Other Assets 300,000 Tim, Capital 100.000 William, Capital 120.000 Levin, Capital 90,000 Total $400,000 Total $400,000 On December 11, 20X9, the first cash sale of other assets with a carrying amount of $200,000 realized $140,000. Safe installment payments to the partners were made on the same date. How much cash should be distributed to each partner? A) B) C) D) Tim $40,000 $40,000 $36,000 $24,000 William $48.000 $40,000 $56,000 $24,000 Levin $18,000 $20,000 $58,000 $12,000 O Option B O Option A O Option D O Option C
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