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

question 36

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.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?

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

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Definitions:

Amygdala

A brain structure that is part of the limbic system and plays a role in emotion, especially fear and anger.

Prefrontal Cortex

The part of the brain located in the front of the frontal lobe, involved in complex cognitive behavior, decision making, and moderating social behaviour.

Emotionally Arousing

Describes situations, events, or stimuli that provoke strong emotional responses, ranging from excitement and joy to fear and anger.

Prefrontal Cortex

A region of the brain associated with decision making, social behavior, personality, and cognitive planning.