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The balance sheet given below is presented for the partnership of Jason, April, and Erin: Cash $ 60,000 Liabilities $ 80,000 Other Assets 150,000 Jason,
The balance sheet given below is presented for the partnership of Jason, April, and Erin:
Cash | $ | 60,000 | Liabilities | $ | 80,000 | |
Other Assets | 150,000 | Jason, Capital | 80,000 | |||
April, Capital | 30,000 | |||||
Erin, Capital | 20,000 | |||||
Total | $ | 210,000 | Total | $ | 210,000 | |
The partners share profits and losses in the ratio of 5:3:2, respectively. The partners agreed to dissolve the partnership after selling the other assets for $20,000. On dissolution of the partnership, Jason should receive:
Multiple Choice
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$80,000.
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$0.
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$10,000.
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$30,000.
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