The Balance Sheet of Ryan and Peter's Partnership as of December

question 147

Multiple Choice

The balance sheet of Ryan and Peter's partnership as of December 31,2018,is given below. $\begin{array}{|l|c|l|c|}\hline \text { Assets } & & \text { Liabilities } & \\\hline \text { Cash } & \$ 17,000 & \text { Accounts Payable } & \$ 15,000 \\\hline \text { Accounts Receivable } & 9000 & \text { Other liabilities } & 25,000 \\\hline \text { Furniture } & 28,000 & \text { Partners' Equity } & \\\hline \text { Equipment } & 40,000 & \text { Ryan, Capital } & 31,000 \\\hline \text { Other assets } & 8,000 & \text { Peter, Capital } & 31,000 \\\hline \text { Total assets } & \$ 102,000 & \text { Total liabilities and partners' equity } & \$ 102,000 \\\hline\end{array}$
Ryan and Peter share profits in the ratio 3:2.They liquidate the partnership.The furniture and equipment
Sold at a loss of $50,000.The accounts receivable were collected in full and the other assets were written
Off as worthless.The cash balance remaining to pay the liabilities is ________.

• A) $17,000
• B) $94,000
• C) $44,000
• D) $40,000

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