Question

Required information

SB Bill, Page, Larry, and Scott have decided...

Bill, Page, Larry, and Scott have decided to terminate their partnership. The partnership's balance sheet at the time they decide to wind up is as follows:

Cash	$	100,000	Accounts payable	$	100,000
Noncash Assets		300,000	Bill, Capital		25,000
			Page, Capital		110,000
			Larry, Capital		100,000
			Scott, Capital		65,000
	$	400,000	Total	$	400,000

During the winding up of the partnership, the other assets are sold for $150,000 and the accounts payable are paid. Page and Larry are personally solvent, but Bill and Scott are personally insolvent. The partners share profits and losses in the ratio of 3:2:1:4.

TB MC Qu. 16-11 Based on the preceding information, what...

Based on the preceding information, what amounts will be distributed to Page and Larry upon liquidation of the partnership?

	Page				Larry
A)	$	0			$	0
B)	$	80,000			$	85,000
C)	$	74,286			$	82,143
D)	$	70,000			$	80,000

Please explain using math steps how to get the bolded answers thank you so much

Answer 1