A Local Partnership Was in the Process of Liquidating and Reported

question 6

Multiple Choice

A local partnership was in the process of liquidating and reported the following capital balances: $\begin{array}{lc}\text { Justice, capital ( } 40 \% \text { share of all profits and losses) } & \$ 23,000 \\\text { Zobart, capital }(35 \%) & 22,000 \\\text { Douglass, capital }(25 \%) & (14,000) \end{array}$ Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account. How much of this money should Justice receive?

• A)$15,467.
• B)$15,533.
• C)$17,333.
• D)$16,533.
• E)$15,867.

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Definitions:

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