Table 12-15
Martha, Queen and Stuart Are in the Process

question 109

Essay

Table 12-15
Martha, Queen and Stuart are in the process of liquidating their partnership. They share profits and losses in a 2:3:1 ratio. Following is the current balance sheet for the partnership:
$\begin{array}{llll}\text { Cash } & \$ 90,000 & \text { Liabilities } & \$ 80,000 \\\text { Other assets } & 200,000 & \text { Martha, capital } & 60,000\\&&\text { Queen, capital }&110,000\\&&\text { Stuart, capital }&40,000\end{array}$ Total assets $~~~~~~~~~~ \underline{\$290.000} ~~~~~~~~~~~~$ Total liabilities and canital $~~~~~~~~~~~~~ \underline{\$290.000}$
-Refer to Table 12-15 If the other assets are sold for $230,000 calculate the amount that will be received by each of the partners upon the liquidation of the partnership.

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Definitions:

Short Erect

A term not clearly defined in a biological context, and might refer instead to a physical description of posture or growth habit; without a specific context, a precise definition cannot be provided.

Underground Stem

Also known as a rhizome, it's a type of stem that grows horizontally beneath the soil surface, often storing nutrients and producing new shoots.

Drupe

A type of fruit with a single seed or pit, surrounded by a fleshy outer part, examples include peaches, cherries, and plums.

Seed Coat

The outer protective layer of a seed that surrounds the embryo and provides defense against physical damage and disease.