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Multiple Choice Question 114 Alex, Bob, and Ciera are partners, sharing income 2:1:2. After selling all...

Multiple Choice Question 114

Alex, Bob, and Ciera are partners, sharing income 2:1:2. After selling all of the assets for cash, dividing gains and losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Alex, $10100 Cr; Bob, $10100 Cr; and Ciera, $30000 Cr. How much cash should be distributed to Alex?

$16867
$20200
$6100
$10100
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Answer #1

- $10100 is the correct option.

- After selling all of the asset for cash, dividing gains and losses on realization, and paying liabilities, the remaining cash should be distributed to the partners according to their capital balances.

- Therefore, as the capital balance of the partner, ALEX is $10100, the cash distributed to alex is $10100.

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