Question
The Jerome Ave. Deli Partnership had assets worth $50,000 after liquidation. Peter, Gerard, and Harry, equal partners, each contributed $6,000 into the capital pool at
The Jerome Ave. Deli Partnership had assets worth $50,000 after liquidation. Peter, Gerard, and Harry, equal partners, each contributed $6,000 into the capital pool at the inception of the business. Gerard later loaned the business $15,000. They owe $29,000 to creditors. What will Gerard get in distribution, assuming there is no agreement on the distribution of profits?
| a. | $17,000 | |
| b. | $21,000 | |
| c. | $15,000 | |
| d. | $6,000 |
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Operational Auditing For Management Control
Authors: Edward F Norbeck
1st Edition
0814451853, 978-0814451854
