Note: This Is a Kaplan CPA Review Question

question 59

Multiple Choice

Note: This is a Kaplan CPA Review Question
The following condensed balance sheet is presented for the partnership of Cooke, Dorry, and Evans who share profits and losses in the ratio of 4:3:3, respectively:
Assume that the partners decide to liquidate the partnership. If the other assets are sold for $600,000, how much of the available cash should be distributed to Cooke?

• A) $212,000
• B) $170,000
• C) $182,000
• D) $300,000

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Definitions:

Parents

The mother and father or legal guardians of a child, responsible for their caretaking and upbringing.

Children

Young human beings, specifically individuals from birth to adolescence.

Self-Centered

Having an undue focus on oneself, one's own desires, needs, and interests, often at the expense of others.

Medical Doctor

A qualified practitioner of medicine; a physician who has completed training in medical school and earned a professional degree.