The Balance Sheet of Ryan, James and Peter Firm as on December

question 23

Multiple Choice

The balance sheet of Ryan, James and Peter firm as on December 31, 2014, is given below. $$\begin{array} { | l | r | l | r | } \hline { \text { Assets } } & &{ \text { Liabilities } } & \\\hline \text { Cash } & \$ 17,000 & \text { Accounts Payable } & \$ 15,000 \\\hline \text { Accounts Receivable } & 21,000 & \text { Other liabilities } &25,000 \\\hline \text { Furniture } & 5,000 & \text { Partner's Equity } & \\\hline \text { Equipment } & 10,000 & \text { Ryan, Capital } &10,000 \\\hline \text { Other assets } & { 9,000 } & \text { Peter, Capital } & 10,000 \\\hline &&\text {James, Capital }&2,000\\ \hline \text { Total assets } & \$ 62,000 & \text { Total liabilities and partner's equity } & \$ 62,000 \\\hline\end{array}$$ Ryan, Peter, and James share profits in the ratio 3:2:1. They have decided to liquidate the partnership with immediate effect. The furniture and the equipment were sold at a cumulative loss of $6,000. The accounts receivable were duly received in cash and the other assets were written off as worthless. The accounts payable and other liabilities were paid off at book value. James argued that he should receive a portion of the remaining cash, but Peter and Ryan argued otherwise. How much cash should James receive or pay?

• A) He should receive $2,500.
• B) He should not receive or pay any money.
• C) He should pay $7,500.
• D) He should pay $500.

Discuss Hofstede’s five cross-cultural values and their relevance to marketing strategies.

Understand the concept and examples of self-gifting behavior.

Identify and describe the items used and the importance of ritual artifacts in rituals.

Recognize the three stages of gift-giving rituals and their significance.

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Definitions:

Allocate Power

The process of distributing authority and control among various individuals or groups in an organization or system.

Shared Understanding

A common agreement or perception of an idea, situation, or goal among all members of a group.

Acceptable Ways

Modes of conduct or methods that are considered appropriate or sanctioned by societal or organizational standards.

Friendships

Mutual relationships between two people based on affection, respect, and shared experiences.