Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 38

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.