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

question 123

Multiple Choice

The balance sheet of Ryan and Peter's partnership as of December 31,2018,is given below. $\begin{array}{|l|c|l|c|}\hline \text { Assets } & & \underline{\text { Liabilities }} & \\\hline \text { Cash } & \$ 54,201 & \text { Accounts Payable } & \$ 12,000 \\\hline \text { Accounts Receivable } & 11,000 & \text { Other liabilities } & 69,201 \\\hline \text { Furniture } & 23,000 & \text { Partners' Equity } & \\\hline \text { Equipment } & 38,000 & \text { Ryan, Capital } & 27,000 \\\hline \text { Other assets } & 9000 & \text { Peter, Capital } & \underline{27,000} \\\hline \text { Total assets } & \$ 135,201 & \text { Total liabilities and partners' equity } & \$ 135,2 \\\hline\end{array}$ Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership.The furniture
And the equipment were sold at a cumulative loss of $4000.The accounts receivable were collected in full and the other assets were written off as worthless.The accounts payable and other liabilities were paid off at book value.The firm's accountant distributed the remaining cash between Ryan and Peter equally.However,Peter initiated a lawsuit claiming that his share was greater than Ryan's.How much should Peter have received?

• A) $20,500
• B) $19,200
• C) $21,800
• D) $23,200

---

Definitions:

Apicomplexans

A group of protozoan parasites, known for their role in diseases such as malaria.

Parasitic

Describes organisms that live on or in a host organism and get their food at the expense of their host, often causing harm.

Amoebozoa

Members of the unikont clade characterized by lobose pseudopodia at some time in the life cycle; include amoebas, plasmodial slime molds, and cellular slime molds. Compare with opisthokonts.

Unicellular

Describes organisms made up of a single cell, which performs all necessary functions for life, such as bacteria and some algae.