Question
Primo and Quadros are partners who share income in a 1:4 ratio and have capital balances of $60,000 and $180,000 respectively. Book value of total
Primo and Quadros are partners who share income in a 1:4 ratio and have capital balances of $60,000 and $180,000 respectively. Book value of total assets is $500,000, and liabilities total $260,000. Sale of all assets results in total available cash of $400,000. The amount to be distributed to Primo upon liquidation is:
| A. | $50,000 | |
| B. | $60,000 | |
| C. | $10,000 | |
| D. | $40,000 |
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CISA Certified Information Systems Auditor Study Guide
Authors: David L. Cannon, Timothy S. Bergmann, Brady Pamplin
1st Edition
0782144381, 978-0782144383
