Partners Dennis and Lilly Have Decided to Liquidate Their Business

question 21

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 above.Using a safe payments schedule,how much cash will be distributed to Dennis at the end of the second month?

• A)$18,000
• B)$27,000
• C)$36,000
• D)$60,000

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