General Widget Partnership Assets Amount to $34,000 After Liquidation

question 44

Multiple Choice

General Widget partnership assets amount to $34,000 after liquidation.Frank,Gene,and Hank,equal partners,each contributed $3,000 into the capital pool at the inception of the business.Gene later loaned the business $5,000.They owe $23,000 to creditors for inventory.What will Gene get in distribution,assuming there is no agreement on the distribution of profits?

• A) $7,000
• B) $5,000
• C) $8,000
• D) $11,000

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Child Support

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