General Widget's Partnership Assets Amount to $34,000 After Liquidation

question 16

Multiple Choice

General Widget's partnership assets amount to $34,000 after liquidation. Frank, Gene, and Hank, equal partners, each contributed $3,000 into the capital pool at the inception of the business. Gene later loaned the business $5,000. The partnership owes $23,000 to creditors for inventory. Under the UPA, what will Gene get in distribution, assuming there is no agreement on the distribution of profits?

• A) $5,000.
• B) $7,000.
• C) $8,000.
• D) $11,000.

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Definitions:

Valuing Diversity

Recognizing and respecting differences among individuals, including ethnicity, gender, age, and other attributes, to foster an inclusive environment.

Employee Appreciation

The recognition and valuing of employees' contributions and efforts towards achieving organizational goals.

EEO

Equal Employment Opportunity; a principle that ensures all individuals have a fair chance for employment, regardless of race, color, religion, sex, national origin, age, or disability.

Deep-level Diversity

Differences among team members in terms of attitudes, values, and personality, as opposed to visible demographic differences.