The Balance Sheet of Ryan and Peter Firm as at 30

question 35

Multiple Choice

The balance sheet of Ryan and Peter firm as at 30 June 2017 is given below.

Ryan and Peter share profits in the ratio 3:2.They have decided to liquidate the partnership with immediate effect.They sold the furniture and equipment for $72,000.Which of the following is the correct journal entry for the sale transaction?

Evaluate the economic landscape of the United States in the 1780s and its impact on various social groups.

Understand the significance of Shays's Rebellion and its role in shaping federal power.

Understand the implications and outcomes of the Northwest Ordinance of 1787.

Comprehend the key proposals and oppositions during the Constitutional Convention, including the Virginia Plan.

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Definitions:

Hourly Fee

A billing method where a service provider charges based on the number of hours worked.

Flat Fee

A charged price for a service that does not vary with usage or time.

Overhead

All manufacturing costs that cannot be directly traced to a product. Overhead includes indirect labor and materials, plant depreciation, insurance and property taxes, plant management salaries, and so forth. See Indirect Cost Pool.

Direct Labor

The workforce involved in the hands-on manufacturing of goods or provision of services.