Use the Following Information to Answer the Question(s)below

question 2

Multiple Choice

Use the following information to answer the question(s) below.
On June 30,2011,the Able,Baker,and Charlie partnership had the following fiscal year-end balance sheet:
The percentages shown are the residual profit and loss sharing ratios.The partners dissolved the partnership on July 1,2011,and began the liquidation process.During July the following events occurred:
* Receivables of $6,000 were collected.
* All inventory was sold for $8,000.
* All available cash was distributed on July 31,except for
$4,000 that was set aside for contingent expenses.
-The book value of the partnership equity (i.e. ,total equity of the partners) on June 30,2011 is

• A)$ 58,000.
• B)$ 60,000.
• C)$ 84,000.
• D)$120,000.

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Definitions:

Machine-hours

A measure of the amount of time machines are used in the production process, often used as an allocation base for applying manufacturing overhead.

Job T629

A unique identifier for a specific job, task, or project within a job-order costing system, potentially representing a particular order or production batch.

Machine-hour

A unit of measure representing the operation of machinery for one hour, often used as a basis for allocating manufacturing overhead costs.

Job Cost

A method used in accounting to track the costs associated with a specific job or order, capturing materials, labor, and overhead expenses.