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

question 78

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 $385,000 calculate the amount that will be received by each of the partners upon the liquidation of the partnership.

---

Definitions:

Lewin/Lippitt/White Study

A series of experiments by Kurt Lewin, Ronald Lippitt, and Ralph White that explored the effects of different leadership styles on group behavior.

Leader-Member Exchange Theory

A theory that explores how leader-member relationships develop over time into a system of in-group and out-group members, influencing organizational dynamics and individual outcomes.

Subordinates

Individuals who are ranked lower in terms of authority or position within an organizational hierarchy, often reporting to supervisors or managers.

Transformational Leadership

Is a style of leadership where the leader works with teams to identify needed change, creating a vision to guide the change through inspiration, and executing the change in tandem with committed members of a group.