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Required information SB Bill, Page, Larry, and Scott have decided... Bill, Page, Larry, and Scott have decided to terminate their partnership. The partnership's balance sheet

Required information

SB Bill, Page, Larry, and Scott have decided...

Bill, Page, Larry, and Scott have decided to terminate their partnership. The partnership's balance sheet at the time they decide to wind up is as follows:

Cash $ 100,000 Accounts payable $ 100,000
Noncash Assets 300,000 Bill, Capital 25,000
Page, Capital 110,000
Larry, Capital 100,000
Scott, Capital 65,000
$ 400,000 $ 400,000

During the winding up of the partnership, the other assets are sold for $150,000 and the accounts payable are paid. Page and Larry are personally solvent, but Bill and Scott are personally insolvent. The partners share profits and losses in the ratio of 4:2:1:3.

TB MC Qu. 16-08 Based on the preceding information, what...

Based on the preceding information, what amount will be distributed to Page and Larry upon liquidation of the partnership?

Page Larry
A) $ 80,000 $ 85,000
B) $ 110,000 $ 100,000
C) $ 68,333 $ 79,167
D) $ 11,667 $ 5,833

Multiple Choice

Option A

Option C

Correct

Option D

Option B

Please explain using math steps how to get option C

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