A, B, C, and D formed a general partnership. Their written partnership agreement provides that profits and losses are shared as follows: A 40%; B 30%; C 20%; and D 10%.
Their capital account balances are as follows: Partner Balance A $60,000 B $29,000 C $45,000 D $15,000 B is personally bankrupt and refuses to make any contributions to the partnership.
The partnership had the following assets: A building with a $150,000 carrying amount $29,000 cash Inventory with a $20,000 carrying amount The partnership has $50,000 of liabilities resulting from accounts payable to BigCorp.
Upon dissolution, the partnership is able to obtain $50,000 for the building and $0 for its inventory.
Calculate the amount that A, B, C, D, and BigCorp will receive upon dissolution of the partnership using the information above.