Harry,Tony and Liza Run a Partnership Firm

question 62

Multiple Choice

Harry,Tony and Liza run a partnership firm.In the process of liquidation,the partnership sells non-cash assets,having a book value of $73,000,for $92,000.Which of the following is true of the journal entries?

• A)Non-cash assets will be credited for $92,000.
• B)Cash will be credited for $73,000.
• C)Cash will be credited by $19,000.
• D)Non-cash assets will be credited for $73,000.

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Definitions:

AC

Short for Alternating Current, a type of electrical current in which the flow of electric charge periodically reverses direction.

Monopoly

A single-seller market scenario, in which the product offered is unique and lacks any near equivalents in the marketplace.

Barriers To Entry

Barriers to entry are obstacles that make it difficult for new competitors to enter a market, which can include high startup costs, strict regulations, or strong brand loyalty among consumers.

Single-price Monopolist

Describes a monopoly that sells its product or service at a single price to all customers, without price discrimination.