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Required information A local partnership was in the process of liquidating and reported the following Capital account balances: Justice, capital (40% share of all profits

Required information

A local partnership was in the process of liquidating and reported the following Capital account balances:

Justice, capital (40% share of all profits and losses) $ 23,000
Zobart, capital (35%) 22,000
Douglass, capital (25%) (14,000 )

Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.

How much of the $31,000 in the cash account should Justice receive?

Multiple Choice

  • $15,467.

  • $15,533.

  • $17,333.

  • $16,533.

  • $15,867.

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