Everett miguel and ramona are partners sharing income 123., Ask an Expert

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Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,000 Dr.; and Ramona, $30,000 Cr. How much cash should be distributed to Everett assuming that Miguel pays the deficiency?

1. $50,000

2. $40,000

3. $30,000

4. $20,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971469

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