General Widget Partnership Assets Amount to $34,000 After Liquidation

question 44

Multiple Choice

General Widget 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.They owe $23,000 to creditors for inventory.What will Gene get in distribution,assuming there is no agreement on the distribution of profits?

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

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Definitions:

Excitatory

Pertains to stimuli or substances that increase neuronal activity or facilitate the firing of neurons.

Inhibitory

Pertains to any process or substance that slows down or stops a particular reaction or activity.

Basic Drives

Fundamental biological impulses that drive behavior, such as hunger, thirst, sleep, and reproduction.

Hypothalamus

A region of the brain below the thalamus that coordinates both the autonomic nervous system and the activity of the pituitary, controlling body temperature, thirst, hunger, and other homeostatic systems, and involved in sleep and emotional activity.