In liquidation, balances prior to the distribution of cash to the partners are: Cash $240000; Chris, Capital $111200; Stengel, Capital $104300, and King, Capital $24500. The income ratio is 6:2:2, respectively. How much cash should be distributed to Chris? $111200 $99200 $104300 $120000 The admission of a new partner to an existing partnership is almost always accompanied by the liquidation of the business. may be accomplished only by investing assets in the partnership. requires purchasing the interest of one or more existing partners. causes a legal dissolution of the existing partnership. Partners Donald and Alex have agreed to share profits and losses in an 80:20 ratio respectively, after Donald is allowed a salary allowance of $69700 and Alex is allowed a salary allowance of $35700. If the partnership had net income of $69000 for 2020, Alex's share of the income would be $39960. O $33300. $28420. $6660. Partners Mark and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Mark is allowed a salary allowance of $29900 and Elaine is allowed a salary allowance of $14700. If the partnership had net income of $30400 for 2020, Elaine's share of the income would be $11860. $2440. $14200. $18540. M. Matthew and S. Collier combine their individual sole proprietorships to start the Matthew - Collier partnership. M. Matthew and S. Collier invest in the partnership as follows Book Value Fair Value Matthew Collier Matthew Collier Cash $21400 $6300 $21400 $6300 Accounts Receivable 10400 4700 10400 4700 Allowance for Doubtful Accounts (1900) (530) (2120) (810) Equipment 15000 23100 13200 9700 Accumulated Depreciation (2800) (9800) The entries to record the investment will include a credit to: Collier, Capital of $23490. Collier, Capital of $19890. Matthew, Capital of $42100. Matthew, Capital of $44000. Which of the following is not an advantage of a partnership? Freedom from governmental regulations. Ease of formation. Ease of decision making. Mutual agency. Partner B is investing in a partnership with Partner A. B contributes as part of his initial investment, Accounts Receivable of $60,000; an Allowance for Doubtful Accounts of $9,000; and $6,000 cash. The entry that the partnership makes to record B's initial contribution includes a debit to Accounts Receivable for $61,000. credit to B, Capital for $57,000. credit to B, Capital for $66,000. debit to Allowance for Doubtful Accounts for $9,000.