Use the Following Information to Answer the Question(s)below

question 28

Multiple Choice

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 cash available for distribution to the partners on July 31,2011 is

• A)$ 4,000.
• B)$ 8,000.
• C)$14,000.
• D)$22,000.

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Definitions:

Variance

A statistical measure that represents the dispersion of a dataset relative to its mean, indicating how spread out the data points are.

SAT Scores

Standardized test results used primarily in the United States for college admissions, assessing readiness and predicting academic success.

National Average

Statistical measure that represents the average value of a particular variable or set of data across an entire nation.

Middle-Class Parents

Parents belonging to the socio-economic class that is between the working class and the upper class, typically associated with economic stability and higher levels of education.