The Balance Sheet of Ryan and Peter Firm as on December

question 64

Multiple Choice

The balance sheet of Ryan and Peter firm as on December 31, 2014, is given below. Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. They sold the furniture and equipment for $70,000. Which of the following is the correct journal entry for the sale transaction?

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Definitions:

Independent Variable

A variable presumed to influence or cause changes in another variable, referred to as the dependent variable.

Regression Analysis

Regression analysis is a statistical method used for estimating the relationships among variables, often to determine how the typical value of the dependent variable changes when any one of the independent variables is varied.

Least Squares Line

The best-fitting straight line through a set of data points, minimizing the sum of the squares of the vertical distances of the points from the line.

Weight

A measurement of the gravitational force acting on an object, often used in statistical analysis to assign importance to different elements of a dataset.