Solution-Which of the following statements is true

Which of the following statements is true

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Reference no: EM13506605

Carney, Pierce, Menton, and Hoehn are partners who share profits and losses on a 4:3:2:1 basis, respectively. They are beginning to liquidate the business. At the start of this process, capital balances are as follows:

Carney, capital	$60,000
Pierce, capital	27,000
Menton, capital	43,000
Hoehn, capital	20,000

Which of the following statements is true?

a. The first available $2,000 will go to Hoehn.

b. Carney will be the last partner to receive any available cash.

c. The first available $3,000 will go to Menton.

d. Carney will collect a portion of any available cash before Hoehn receives money.

Reference no: EM13506605

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Which of the following statements is true

Reference no: EM13506605

Reference no: EM13506605

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