The Balance Sheet of Ryan and Peter Firm as on December

question 150

Multiple Choice

The balance sheet of Ryan and Peter firm as on December 31, 2014, is given below. $$\begin{array} { | l | r | l | r | } \hline { \text { Assets } } & &{ \text { Liabilities } } & \\\hline \text { Cash } & \$ 15,000 & \text { Accounts Payable } & \$ 15,000 \\\hline \text { Accounts Receivable } & 12,000 & \text { Other liabilities } & 25,000 \\\hline \text { Furniture } & 25,000 & \text { Partner's Equity } & \\\hline \text { Equipment } & 40,000 & \text { Ryan, Capital } & 30,000 \\\hline \text { Other assets } & \underline { 8,000 } & \text { Peter, Capital } & \underline { 30,000 } \\\hline \text { Total assets } & \$ 100,000 & \text { Total liabilities and partner's equity } & \$ 100,000 \\\hline\end{array}$$
Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. After completing all the liquidation procedures, the business is left with $34,000 cash. As a result, Ryan will receive:

• A) $17,000.
• B) $20,400.
• C) $13,600.
• D) $30,000.

Understand the concept of lucid dreaming and its characteristics.

Describe theories and effects of hypnosis, including dissociation and role-playing theories.

Examine the influence of meditation on health and well-being.

Distinguish between the psychoactive effects of different categories of drugs.

---

Definitions:

Inventory

The total amount of goods held by a company for the purpose of resale or production.

Adjusting Journal Entry

An accounting record made to amend the preliminary financial statements towards the accrual basis of accounting, ensuring all revenues and expenses are recorded in the correct period.

Depreciation

An accounting method of allocating the cost of a tangible asset over its useful life.

Assets

Economic resources controlled or owned by a business, which are expected to produce benefits or value in the future.