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:

Mugged

Being attacked or robbed in a public place, often with the use of threats or violence.

Setting Boundaries

The process of establishing limits or guidelines to protect one's well-being and maintain healthy relationships.

Communication Interference

A phenomenon where the transmission of information is hindered by noise, physical barriers, or competing signals.

Exchange of Messages

The process by which information is communicated between individuals, groups, or systems, often involving a sender, message, and recipient.