Cash .... Loan from Jones. Wayman, capital Jones, capital..... Fuller, capital .... Rogers, capital. $ 16,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13MCQ
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A partnership has gone through liquidation and now reports the following account balances:

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?

  1. Jones should receive $3,000 cash because of the loan balance.
  2. Fuller should receive $11,800 and Rogers $4,200.
  3. Fuller should receive $10,600 and Rogers $5,400.
  4. Jones should receive $3,000, Fuller $8,800, and Rogers $4,200.
Cash ....
Loan from Jones.
Wayman, capital
Jones, capital.....
Fuller, capital ....
Rogers, capital.
$ 16,000
(2,000) (deficit)
(5,000) (deficit)
13,000
7,000
Transcribed Image Text:Cash .... Loan from Jones. Wayman, capital Jones, capital..... Fuller, capital .... Rogers, capital. $ 16,000 (2,000) (deficit) (5,000) (deficit) 13,000 7,000
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