Carney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are:  Carney, capital. . . . . . . . . .. . . $60,000Pierce, capital. . . . . . . . . . . . . . 27,000Menton, capital. . . . . . . . . .  . . 43,000Hoehn, capital. . . . . . . .  . . . . . 20,000 Which of the following statements is true? Choose the correct.a. The first available $2,000 will go to Hoehn.b. Carney will be the last partner to receive any available cash.c. The first available $3,000 will go to Menton.d. Carney will collect a portion of any available cash before Hoehn receives money.

The Amos, Billings, and Cleaver partnership had two assets: (1) cash of $40,000 and (2) an investment with a book value of $110,000. The ratio for sharing profits and losses is 2:1:1. The balances in the capital accounts were: Amos, capital Billings, capital Cleaver, capital $45,000 $75,000 $30,000 Required: If the investment was sold for $80,000, how much cash would each partner receive upon liquidation? Short Answer Toolbar navigation BI U S E > !!!

Chen, Korhonen, Lebuca, and Swid are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are Chen, capital Korhonen, capital Lebuca, capital Swid, capital $ 60,000 27,000 43,000 20,000 Required: Prepare a predistribution plan to determine which partner will be the first to receive cash from the liquidation and what amount that partner will receive before other partners receive any cash. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances Assumed loss Balances Assumed loss Balances Assumed loss Balances $ Chen Korhonen 60,000 $ Lebuca 27,000 $ 43,000 $ Swid 20,000:

In Indigo Co., capital balances are Adrienne $61,000 and Dino $79,000. The partners share income equally. Javier is admitted to the firm with a 40% interest by an investment of cash of $88,000. Journalize the admission of Javier. (Credit account titles are automatically Indented when the amount Is entered. Do not Indent manually. LUS all deblt entrles before credit entrles.) Account Titles and Explanation Debit Credit, Cash I 88,000 Adrienne, Capital Dino, Capital Javier, Capital