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

question 46

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.The partnership feels confident it will be able to eventually sell the noncash assets and wants to distribute some cash before paying liabilities. Assuming there will be no liquidation expenses, how much would each partner receive of a total $70,000 distribution of cash?

• A) Option A.
• B) Option B.
• C) Option C.
• D) Option D.
• E) Option E.

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Definitions:

Political Tactics

Strategies used within an organization to gain advantage or support for one's ideas or objectives, often involving subtle or indirect influence.

Compromising

The process of making concessions or finding a middle ground to resolve conflicts or differences.

Communication

The act or process of using words, sounds, signs, or behaviors to express or exchange information or to express ideas, thoughts, feelings, etc., to someone else.

Effective Leadership

The ability of an individual to guide and influence others towards achieving common goals while maintaining motivation and morale.