Harding, Jones, and Sandy Is in the Process of Liquidating

question 70

Multiple Choice

Harding, Jones, and Sandy is in the process of liquidating and the partners have the following capital balances; $24,000, $24,000, and ($9,000) respectively. The partners share all profits and losses 16%, 48%, and 36%, respectively. Sandy has indicated that the ($9,000) deficit will be covered with a forthcoming contribution. The remaining partners have requested to immediately receive $20,000 in cash that is available. How should this cash be distributed?

• A) Harding $5,000; Jones $15,000.
• B) Harding $17,000; Jones $3,000.
• C) Harding $11,154; Jones $8,846.
• D) Harding $14,297; Jones $5,703.
• E) Harding $12,500; Jones $7,500.

---

Definitions:

Homespun Clothing

Clothing made from cloth spun at home, symbolizing self-reliance and resistance to British goods during the American Revolutionary era.

Women Shopkeepers

Female entrepreneurs who own or manage retail businesses, highlighting the role of women in commerce and the economy.

Restrictions

Rules or regulations that limit, control, or restrict certain activities, behaviors, or freedoms.

Quartering Act

refers to laws passed by the British Parliament requiring American colonies to provide housing and accommodations for British troops, notably leading up to the American Revolutionary War.