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

question 16

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:

Specific Comparisons

Detailed examinations of particular relationships or differences between variables in a dataset.

Overall Differences

The disparities or variations observed when comparing multiple sets of data.

2 × 4 ANOVA

A type of Analysis of Variance test that examines the effect of two independent variables, each with two and four levels respectively, on a dependent variable.

Gender

Social and cultural distinctions associated with being male, female, or non-binary, rather than biological differences.