Harry, Tony, and Liza Run a Partnership Firm

question 14

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 $75,000, for $90,000. Which of the following is true of the journal entries?

• A)Cash will be credited by $15,000.
• B)Non-cash assets will be credited for $90,000.
• C)Cash will be credited for $75,000.
• D)Non-cash assets will be credited for $75,000.

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Definitions:

Heritability

The proportion of variation among individuals that can be attributed to genetic factors, often used in the context of traits or behaviors.

Fraternal Twins

Siblings born at the same time who are genetically as similar as regular siblings because they are the result of two separate eggs fertilized by two different sperm.

Spoiled Brat

A derogatory term to describe a child who is overindulged by their parents or guardians and exhibits poor behavior or lack of discipline as a result.

Narcissism

A personality trait characterized by an inflated sense of self-importance, deep need for excessive attention and admiration, troubled relationships, and a lack of empathy for others.