The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation: Cash $ 115,000 Liabilities $ 45,000 Noncash assets 230,000 Keller, Capital 100,000 Long, Capital 70,000 Mason, Capital 130,000 Total $ 345,000 Total $ 345,000 Keller, Long, and Mason share profits and losses in a ratio of 2:4:4. The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive of a total $70,000 distribution of cash? Keller Long Mason A) $ 46,667 $ 0 $ 23,333 B) $ 14,000 $ 28,000 $ 28,000

Cash	$	115,000		Liabilities	$	45,000
Noncash assets		230,000		Keller, Capital		100,000
				Long, Capital		70,000
				Mason, Capital		130,000
Total	$	345,000		Total	$	345,000

Keller, Long, and Mason share profits and losses in a ratio of 2:4:4. The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive of a total $70,000 distribution of cash? Keller Long Mason A) $ 46,667 $ 0 $ 23,333 B) $ 14,000 $ 28,000 $ 28,000

	Keller			Long			Mason
A)	$	46,667		$	0		$	23,333
B)	$	14,000		$	28,000		$	28,000
C)	$	30,000		$	13,333		$	26,667
D)	$	70,000		$	0		$	0
E)	$	15,000		$	0		$	55,000