A Local Partnership Was in the Process of Liquidating and Reported

question 43

Multiple Choice

A local partnership was in the process of liquidating and reported the following Capital account balances: Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution. However, the two remaining partners asked to receive the $31,000 that was then in the cash account.How much of the $31,000 in the cash account should Justice receive?

• A)$15,467.
• B)$15,533.
• C)$17,333.
• D)$16,533.
• E)$15,867.

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Definitions:

Sudden Decrease

An abrupt decline in the quantity or quality of something, which can concern various contexts such as population, health, or environmental conditions.

Narcotics

Psychoactive substances that tend to induce sleep or numbness and may lead to dependence or addiction, commonly used for pain relief.

Serotonin

A neurotransmitter in the brain that plays a key role in stabilizing mood, feelings of well-being, and happiness, also affecting digestion, sleep, and other bodily functions.

Endorphins

Natural chemicals produced by the body that interact with the brain's receptors to reduce pain perception and induce feelings of pleasure or euphoria.