The Balance Sheet of Ryan,James and Peter Firm as at 30

question 81

Multiple Choice

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

Ryan,Peter and James share profits in the ratio 3:2:1.They have decided to liquidate the partnership with immediate effect.The furniture and the equipment were sold at a cumulative loss of $6000.The accounts receivable were duly received in cash and the other assets were written off as worthless.The accounts payable and other liabilities were paid off at book value.James argued that he should receive a portion of the remaining cash,but Peter and Ryan argued otherwise.How much cash should James receive or pay?

• A) He should not receive or pay any money.
• B) He should receive $3500.
• C) He should pay $1833.
• D) He should pay $53,833.

Grasp the role of intellectual property law in franchising.

Understand the factors influencing the choice of business organization form by entrepreneurs.

Recognize the importance of good faith and fair dealing in franchise termination.

Understand the mechanisms for protecting franchisees from unfair practices and terminations.

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Definitions:

Mean Difference

A measure of the average discrepancy or variance between two sets of data or samples, often used in comparative studies.

Confidence Interval

A range of values, derived from sample data, that is believed to contain the true population parameter with a certain level of confidence.

Oxygen Uptake

Oxygen uptake is a measure of the oxygen used by the body during physical activity and is a key indicator of aerobic fitness.

Mean Difference

A statistical measure representing the average difference between two sets of values or groups within a dataset.