The Following Condensed Balance Sheet Is Presented for the Partnership

question 51

Multiple Choice

The following condensed balance sheet is presented for the partnership of D,E,and F who share profits and losses in the ratio of 5:3:2,respectively:
The partners agreed to liquidate the partnership after selling the other assets.
-Refer to the above information.If the other assets are sold for $80,000,and all partners are personally insolvent,how much should E receive upon liquidation?

• A)$0
• B)$6,000
• C)$10,000
• D)$20,000

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Definitions:

Well-being

A state of health, happiness, and prosperity; a comprehensive measure of overall quality of life.

Sense Of Coherence

A global orientation expressing the extent to which one has a pervasive, enduring, and dynamically consistent set of feelings about life being comprehensible, manageable, and meaningful.

Ego Integrity

A sense of fulfillment and self-acceptance achieved in later life, reflecting back on one’s life with a sense of completeness and satisfaction.

Ego Integrity

A sense of satisfaction and completeness that comes from looking back on one’s life and feeling a sense of accomplishment and contentment, as proposed by Erik Erikson's stages of psychosocial development.