The partnership of Unsel, Vance, and Wayne was dissolved on June 30, 2011, and account balances after noncash assets were converted into cash on September 1, 2011, are:
|
Cash |
$50,000 |
Accounts payable |
$120,000 |
|
Unsel capital (30%) |
90,000 |
||
|
Vance capital (30%) |
(60,000) |
||
|
Wayne capital (40%) |
(100,000) |
Personal assets and liabilities of the partners at September 1, 2011, are:
|
Personal Assets |
Personal Liabilities |
|
|
Unsel |
$ 80,000 |
$90,000 |
|
Vance |
100,000 |
61,000 |
|
Wayne |
190,000 |
80,000 |
If Wayne contributes $70,000 to the partnership to provide cash to pay the creditors, what amount of Unsel’s $90,000 partnership equity would appear to be recoverable?
a $90,000
b $81,000
c $79,000
d None of the above