After Discontinuing the Ordinary Business Operations and Closing the Accounts

question 143

Essay

After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following:​ The partners share net income and losses in the ratio of 3:2:1. Between May 7 and May 30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners.​
(a)Prepare a statement of partnership liquidation.
(b)Assume the same facts as in
(a), except that the noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation.

Differentiate between needs, wants, and demands in marketing terminology.

Recognize the role of distribution (place) in the marketing mix.

Understand how promotion is utilized within the marketing mix.

Comprehend the concept of marketing mix as a whole and its importance in creating marketing strategies.

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Definitions:

Labor Supplied

The total amount of labor that workers are willing and able to offer at a given wage rate in a given time period.

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various methods such as teaching, training, research, or personal development.

Productivity

The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Potential Employers

Businesses or individuals that might hire workers, offering employment opportunities within the labor market.