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Use the following information to answer the question(s) below.
On June 30,2011,the Able,Baker,and Charlie partnership had the following fiscal year-end balance sheet:
Use the following information to answer the question(s) below. On June 30,2011,the Able,Baker,and Charlie partnership had the following fiscal year-end balance sheet:    The percentages shown are the residual profit and loss sharing ratios.The partners dissolved the partnership on July 1,2011,and began the liquidation process.During July the following events occurred: * Receivables of $6,000 were collected. * All inventory was sold for $8,000. * All available cash was distributed on July 31,except for $4,000 that was set aside for contingent expenses. -The book value of the partnership equity (i.e. ,total equity of the partners) on June 30,2011 is A) $ 58,000. B) $ 60,000. C) $ 84,000. D) $120,000. The percentages shown are the residual profit and loss sharing ratios.The partners dissolved the partnership on July 1,2011,and began the liquidation process.During July the following events occurred:
* Receivables of $6,000 were collected.
* All inventory was sold for $8,000.
* All available cash was distributed on July 31,except for
$4,000 that was set aside for contingent expenses.
-The book value of the partnership equity (i.e. ,total equity of the partners) on June 30,2011 is

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Definitions:

Certificate of Incorporation

A legal document issued by government authorities granting a company the rights to do business.

Resident District Court Judge

A judge assigned to a specific federal judicial district within the United States, responsible for overseeing cases and legal matters within that region.

Legal Entities

Organizations that have legal rights and obligations, including the ability to enter into contracts and own property, separate from their individual members.

General Public

The collective of individuals in a society, often used to refer to the average consumers or citizens.

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