At the Beginning of January of the Current Year, Little

question 221

Multiple Choice

At the beginning of January of the current year, Little Mikey's Catering ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Mikey $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

• A) $2,300.
• B) $49,300.
• C) $54,300.
• D) $49,700.
• E) $54,700.

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Definitions:

General Partners

Individuals in a partnership who have full liability for the debts of the partnership and take part in managing the business.

Conversion Clause

A provision in a contract or policy allowing for the change of one form of benefit or contract to another, such as converting from a term to a whole life insurance policy.

Fiduciary Duty

The obligation to act in the best interest of another party, such as a trustee's duty towards the beneficiaries of the trust.

ULPA of 2001

The Uniform Limited Partnership Act of 2001 is legislation that provides updated guidelines and regulations for the formation, operation, and dissolution of limited partnerships in the United States.