Partners Dennis and Lilly Have Decided to Liquidate Their Business

question 1

Multiple Choice

Partners Dennis and Lilly have decided to liquidate their business. The following information is available: Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.
-Refer to the information provided. Assume instead that the remaining inventory was sold for $10,000 in the second month. What payments will be made to Dennis and Lilly at the end of the second month?

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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