A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000)...

A partnership has gone through liquidation and now reports the following account<br>balances:<br>Cash<br>Loan from Jones<br>Wayman, capital<br>Jones, capital<br>Fuller, capital<br>Rogers, capital<br>$16,000<br>3,000<br>(2,000) (deficit)<br>(5,000) (deficit)<br>13,000<br>7,000<br>Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20<br>percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events<br>should occur now?<br>a. Jones should receive $3,000 cash because of the loan balance.<br>b. Fuller should receive $11,800 and Rogers $4,200.<br>c. Fuller should receive $10,600 and Rogers $5,400.<br>d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200<br>

Extracted text: A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000 Profits and losses are allocated on the following basis: Wayman, 30 percent; Jones, 20 percent; Fuller, 30 percent; and Rogers, 20 percent. Which of the following events should occur now? a. Jones should receive $3,000 cash because of the loan balance. b. Fuller should receive $11,800 and Rogers $4,200. c. Fuller should receive $10,600 and Rogers $5,400. d. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200

Jun 08, 2022

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A partnership has gone through liquidation and now reports the following account balances: Cash Loan from Jones Wayman, capital Jones, capital Fuller, capital Rogers, capital $16,000 3,000 (2,000)...

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