Marciano, Tunney, and Jeffries formed a partnership with an income ratio of 6:2:2, respectively. After liquidation of the partnership, cash of $192,000 was available. Marciano had a capital balance of $112,000, and Tunney had a capital balance of $104,000. Jeffries had a capital deficiency of $24,000. How much cash should be distributed to Tunney if Jeffries does not pay his deficiency? 1. $98,000. 2. $101,000. 3. $95,000. 4. $104,000.
Marciano, Tunney, and Jeffries formed a partnership with an income ratio of 6:2:2, respectively. After liquidation of the partnership, cash of $192,000 was available. Marciano had a capital balance of $112,000, and Tunney had a capital balance of $104,000. Jeffries had a capital deficiency of $24,000. How much cash should be distributed to Tunney if Jeffries does not pay his deficiency? 1. $98,000. 2. $101,000. 3. $95,000. 4. $104,000.
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Marciano, Tunney, and Jeffries formed a
1. $98,000.
2. $101,000.
3. $95,000.
4. $104,000.
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ISBN:
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Author:
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Publisher:
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