Assume a Partnership Has Assets with a Book Value of $500,000

question 3

Multiple Choice

Assume a partnership has assets with a book value of $500,000 and a market value of $450,000.Outside liabilities of $100,000, loans payable to Partner A of $30,000 and capital balances of A $200,000, B $180,000 and C $150,000.How much would Partner A receive on liquidation of the partnership assuming partnership profit and loss is allocated equally
$$\begin{array} { | l | l | l | l | l | } \hline & \text { A Loan } & \text { A } & \text { B } & \text { C } \\\hline & \$ 30,000 & \$ 200,000 & \$ 180,000 & \$ 150,000 \\\hline \text { Loss on sale } & & ( \$ 16,666 ) & ( \$ 16,666 ) & ( \$ 16,666 ) \\\hline & & \$ 183,334 & & \\\hline\end{array}$$

• A)$200,000
• B)$230,000
• C)$183,334
• D)$195,336

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Definitions:

Interpersonal Learning

The process of learning through interaction with others, gaining insight into oneself and others' behaviors and mental states.

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A direction in psychoanalytic theory and therapy that includes the works of psychologists who were influenced by Freud's theories but extended or diverged from his original ideas, often emphasizing social and cultural factors.

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