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

question 29

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) $11,000.
• D) $8,000.

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Oral Communication

The process of verbally transmitting information and ideas from one individual or group to another.

Visual Literacy

The ability to interpret, negotiate, and make meaning from information presented in the form of images, extending the meaning of literacy beyond just words.

Graphics

Graphics refer to visual elements such as images, diagrams, and symbols used to convey information or create aesthetic appeal in various media.

Social Intelligence

The ability to understand and manage interpersonal relationships judiciously and empathetically.