Use the Following Account Balance Information for Grinotfin Partnership with Income

question 185

Multiple Choice

Use the following account balance information for Grinotfin Partnership with income ratios of 2:4:4 for Grigsby, Nott, and Fine, respectively. Assume that, as part of liquidation proceedings, Grinotfin sells its noncash assets for $120,000. As a result, one of the partners has a capital deficiency which that partner decides not to repay. The amount of cash that would ultimately be distributed to Fine would be:

• A) $104,000.
• B) $76,000.
• C) $48,000.
• D) $68,000.

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