Capital O, X, Y, and Z are $10,000, $15,000, $16,000 and $18,000, respectively. O has a loanbalance of $1,000. Profit is divided in a ratio of 5:2;1;2. Assets are sold, liabilities are paid,and cash remains of $6,000. How should this remaining cash be distributed?

Given, Profit sharing Ratio = 5:2:1:2 Remaining Cash = $6,000

Answered: Capital O, X, Y, and Z are $10,000,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Capital O, X, Y, and Z are $10,000, $15,000, $16,000 and $18,000, respectively. O has a loan balance of $1,000. Profit is divided in a ratio of 5:2;1;2. Assets are sold, liabilities are paid, and cash remains of $6,000. How should this remaining cash be distributed?