The Keller, Long, and Mason Partnership Had the Following Balance

question 24

Multiple Choice

The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation: Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assume that noncash assets were sold for $60,000 and liquidation expenses in the amount of $18,500 were incurred. If Long was personally insolvent and could not contribute any assets to the partnership, and Keller and Mason were both solvent, what amount of cash would Keller receive from the distribution of partnership assets?

• A) $0.
• B) $60,500.
• C) $62,300.
• D) $58,700.
• E) $64,100.

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Definitions:

Passage

The process or act of moving through, under, over, or past something on the way from one place to another.

Influx

The arrival or entry of large numbers of people or quantities of materials, goods, or other entities, often leading to a significant impact.

Charybdotoxin

A toxin isolated from scorpion venom, which blocks potassium channels in cells, affecting the cellular electrical activity.

Channels

Pathways through which substances can pass in and out of cells or across cell membranes, often specific to certain types of ions or molecules.