Table 12-14
Sammy, Davis, and Junior Are in the Process

question 146

Essay

Table 12-14
Sammy, Davis, and Junior are in the process of liquidating their partnership. They share profits and losses in a 4:3:1 ratio. Following is the current balance sheet for the partnership:
$\begin{array}{lcll}\text { Cash } & \$ 290,000 & \text { Liabilities } & \$ 65,000 \\\text { Other assets } & 335,000 & \text { Sammv, capital } & 100,000\\&&\text { Davis, capital } & 400,000 \\&&\text { Iunior, capital } & 60,000\end{array}$ Total assets $\quad \$ 625,000 \quad\quad$ Total liabilities and capital $\quad\$ 625,000$
-Refer to Table 12-14 If the other assets are sold for $320,000 calculate the amount that will be received by each of the partners upon the liquidation of the partnership.

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Definitions:

Projection

Seeing one’s own unconscious content in others rather than oneself.

Feelings of Inferiority

A sense of personal inadequacy or inferiority that can influence emotional and psychological wellbeing.

Alfred Adler

An Austrian medical doctor and psychotherapist, founder of the school of individual psychology, known for his theories on the importance of feelings of inferiority—the inferiority complex—and for his emphasis on social interest as a key to mental health.

Defense Mechanisms

Psychological strategies used unconsciously to protect oneself from anxiety arising from unacceptable thoughts or feelings.