When Peter Gave Notice to Paul and Mary of Dissolution

question 36

Multiple Choice

When Peter gave notice to Paul and Mary of dissolution of their entertainment partnership business, the capital accounts were as follows:
Peter: $30,000
Paul: $50,000
Mary: $20,000
The partnership assets were liquidated to $30,000. Outstanding liabilities to third parties totaled $39,000. Peter, Paul and Mary will each respectively receive:

• A) $20,000; $30,000; $50,000.
• B) $27,000; $47,000; $17,000.
• C) $27,000; $45,000; $18,000.
• D) $30,000; $50,000; $20,000.
• E) $28,500; $41,250; $16,000.

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Definitions:

Accomplishment

The act of achieving a goal or completing a task successfully.

High Self-Esteem

A positive view one holds about oneself, reflecting confidence and satisfaction in one's abilities and worth.

Maslow's Theory

A psychological theory proposed by Abraham Maslow, which suggests that humans are motivated by a hierarchy of needs, starting from basic physical requirements to higher psychological needs, leading to self-actualization.

Achievement Needs

The drive or desire within an individual to accomplish goals and excel, often linked to motivation theory.