Eaton and Fields Sell 1/4 of Their Partnership Interest to O'Reilly

question 66

Multiple Choice

Eaton and Fields sell 1/4 of their partnership interest to O'Reilly receiving $25,000 each. At the time of admission, Eaton and Fields each had a $45,000 capital balance. The admission of O'Reilly will cause the net partnership assets to

• A) increase by $50,000.
• B) remain at $90,000.
• C) decrease by $50,000.
• D) remain at $140,000.

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Definitions:

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.

Legitimations

The processes or reasons presented to justify actions, beliefs, or systems, especially concerning their conformity to social norms or values.

Ideology

A system of ideas, beliefs, and values that reflects the social needs and aspirations of an individual, group, class, or culture.

Subjectivity

The quality of being based on or influenced by personal feelings, tastes, or opinions rather than external facts.