Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 29

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:

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.