The Partnership of Rick and Allan Is Being Liquidated If the Other Assets Are Sold for $10,000,how Much Will

question 130

Short Answer

The partnership of Rick and Allan is being liquidated.All gains and losses are shared in a 3:5 ratio,respectively.Before liquidation,their balance sheet balances are as follows:
$\begin{array} { l l } \text { Cash } & \$ 10,000 \\\text { Other Assets } & 8,000 \\\text { Liabilities } & 4,000 \\\text { Rick, Capital } & 7,000 \\\text { Allan, Capital } & 7,000\end{array}$ If the Other Assets are sold for $10,000,how much will each partner receive upon liquidation?

Recognize the role of key documents and figures in American independence and constitutional development.

Identify the processes involved in drafting, adopting, and ratifying the U.S. Constitution.

Understand the concepts of separation of powers and checks and balances as outlined in the U.S. Constitution.

Recognize the significance of compromises made during the Constitutional Convention.

---

Definitions:

Bourgeois Class

The social class that came to own the means of production during modern industrialization, typically referring to the middle and upper classes in capitalist societies.

Capitalist Society

A capitalist society is one in which the means of production and distribution are privately owned and operated for profit, often characterized by competitive markets, capital accumulation, and wage labor.

Terminology

The set of specialized words and expressions used in a particular profession, topic, or area of study.

Development

A process of improvement in the quality of life of a population, including economic growth, social equity, and environmental sustainability.