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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
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$15,467.
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$15,533.
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$17,333.
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$16,533.
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$15,867.
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