The partners of the A & B Partnership share net income and losses equally. Both...
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The partners of the A & B Partnership share net income and losses equally. Both A and B are insolvent. At the time they decided to liquidate the partnership, its balance sheet included the following: Cash $1,000; Other Assets $19,000; Liabilities $8,000; A, Capital, $3,000; and B, Capital, $9,000. The other assets realized $12,000 and the liabilities were paid. The amount B received from the liquidation of the partnership was: A. $6,500 B. $5,500 C. $5,000 D. $2,500 E. Some other amount
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