Scenario 14-2 Assume That a Partnership Had Assets with a Book Value

question 27

Multiple Choice

Scenario 14-2
Assume that a partnership had assets with a book value of $240,000 and a market value of $195,000, outside liabilities of $70,000, loans payable to partner Able of $20,000, and capital balances for partners Able, Baker, and Chapman of $70,000, $30,000, and $50,000.
-Refer to Scenario 14-2. How much would Able receive upon liquidation of the partnership assuming profits and losses are allocated equally?

• A) $70,000
• B) $90,000
• C) $75,000
• D) $55,000

Recognize the significance of the frontal lobes in planning, decision making, and emotional regulation.

Describe the impact of physical activities on self-esteem and sense of belonging in school.

Explain the concept of conservation and its relevance to understanding cognitive development according to Piaget.

Understand the processes of classification, reversibility, and compensation in cognitive development.

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Definitions:

Grasslands

Biomes characterized by large open areas of grasses, with very few trees, that can be found in both temperate and tropical regions of the world.

Desert

A barren area of landscape where little precipitation occurs, resulting in harsh living conditions for most plants and animals.

Jet Stream

A fast flowing, narrow air current found in the atmospheres of some planets, including Earth, typically at the altitude of the boundary between the troposphere and the stratosphere.

Tropical Cyclone

A rapidly rotating storm system characterized by a low-pressure center, strong winds, and a spiral arrangement of thunderstorms that produce heavy rain, typically forming over warm tropical oceans.