Marshall Retires from the Partnership of Marshall,Mark and Dennis

question 9

Multiple Choice

Marshall retires from the partnership of Marshall,Mark and Dennis.Marshall had a capital balance of $15,000.If Marshall received $15,000 as final settlement,how will this transaction affect the balance sheet items?

• A)Equity will decrease.
• B)Liabilities will decrease.
• C)Cash will increase.
• D)Liabilities will increase.

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Definitions:

Childhood Sexual Abuse

Involves sexual activities imposed on a child by an adult or significantly older individual, which can lead to long-lasting psychological and physical harm.

Proactive Interference

A situation where past memories obstruct the ability to remember newer ones.

Misinformation Effect

The phenomenon where a person's recall of episodic memories becomes less accurate because of post-event information.

Broken Glass

Typically refers to glass that has been shattered or fractured, often symbolizing damage or destruction.