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Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively. Assets Liabilities and Owners Equity
Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively.
Assets | Liabilities and Owners Equity | |||
Cash | $ 53900 | Accounts payable | $ 125700 | |
Accounts | Granger, Capital | 137600 | ||
receivable | 131000 | Noble, Capital | 47200 | |
Inventory | 437200 | Finn, Capital | 311600 | |
$622100 | $622100 |
Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $360200. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Finn would be
$204400.
$228400.
$311600.
$143600.
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