The Balance Sheet of Ryan and Peter Firm as on December

question 155

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. The furniture and the equipment were sold at a cumulative loss of $55,000. The accounts receivable were duly received in cash and the other assets were written off as worthless. The cash balance remaining to pay the liabilities is:

• A) $15,000.
• B) $92,000.
• C) $37,000.
• D) $40,000.

Identify strategies to manage and minimize workplace stress.

Recognize time wasters and develop strategies to prioritize tasks effectively.

Understand delegation as a critical supervisory skill and identify common obstacles to effective delegation.

Describe behaviors and patterns associated with different personality types in the workplace context.

---

Definitions:

Amateur Athletes

Individuals who engage in sports competitions without receiving payment or financial gain for their performance.

Higher Wages

An increase in the amount of money received by workers per unit of time, which can impact labor markets and consumer spending.

Chance

The occurrence and development of events without any obvious design or cause, often expressed in terms of probability.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.