In the Process of Liquidation,a Partnership Firm Sells Its Non-Cash

question 43

Multiple Choice

In the process of liquidation,a partnership firm sells its non-cash assets of a book value of $46,000,for $76,000.Which of the following will be included in the entry to record the sale of assets at liquidation?

• A)Gain on disposal will be debited by $30,000.
• B)Gain on disposal will be credited by $76,000.
• C)Gain on disposal will be debited by $76,000.
• D)Gain on disposal will be credited by $30,000.

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Definitions:

Standard Deviation

An indicator used to determine the degree of scatter or deviation present in a group of data points.

Normally Distributed

A type of continuous probability distribution for a real-valued random variable where the data is symmetrically distributed, forming a bell-shaped curve.

Mean

The arithmetic average of a set of values, calculated by summing the values and then dividing by the number of values.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are.