Asked by

Tsegahun Girma
on Nov 30, 2024

verifed

Verified

General Widget's partnership assets amount to $34,000 after liquidation. Frank, Gene, and Hank, equal partners, each contributed $3,000 into the capital pool at the inception of the business. Gene later loaned the business $5,000. The partnership owes $23,000 to creditors for inventory. Under the UPA, what will Gene get in distribution, assuming there is no agreement on the distribution of profits?

A) $5,000.
B) $7,000.
C) $8,000.
D) $11,000.

Distribution

The process of making a product or service available for use or consumption by a consumer or business user.

Liquidation

The process of winding up a company's financial affairs by selling off its assets to pay off creditors, after which the company ceases to exist.

  • Acquire knowledge about the legal steps required for the dissolution, cessation, and asset distribution within a partnership.
verifed

Verified Answer

MR
Maysam Royatvand GhiyasvandDec 03, 2024
Final Answer:
Get Full Answer