The partnership of Gwen, Bill, and Sissy is liquidating and the ledger shows the following:
|
Cash |
$ 80,000 |
|
Inventories |
100,000 |
|
Accounts payable |
60,000 |
|
Gwen capital (50%) |
40,000 |
|
Bill capital (25%) |
45,000 |
|
Sissy capital (25%) |
35,000 |
If all available cash is distributed immediately:
a Gwen, Bill, and Sissy should get $26,667 each
b Gwen, Bill, and Sissy should get $6,667 each
c Gwen should get $10,000, and Bill and Sissy should get $5,000 each
d Bill should get $15,000, and Sissy $5,000