A Local Partnership Was in the Process of Liquidating and Reported

question 32

Multiple Choice

.A local partnership was in the process of liquidating and reported the following capital balances:
Douglass indicated that the $14,000 deficit would be covered by a forthcoming contribution.However,the two remaining partners asked to receive the $31,000 that was then available.
How much of this money should Zobart receive?

• A)$15,000.
• B)$14,467.
• C)$17,333.
• D)$15,633.
• E)$15,867.

Understand the living and working conditions of slaves on southern plantations.

Comprehend the structure and dynamics of the black family in the slave community.

Grasp the lifestyle of southern slaveholders and their paternalistic ideology.

Analyze the significance of Nat Turner's rebellion and the African-American adoption of Christianity.

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Definitions:

Temporary/Permanent

Refers to accounts within accounting practices; temporary accounts are reset each accounting period, while permanent accounts carry their ending balance into the next period.

General Journal Entries

The initial records where all financial transactions of a business are noted, using the double-entry method of accounting.

Account Balance

The amount of money in a financial repository at any given moment, which can include debts owed or credits available.

Financial Statement

Reports that provide detailed information about a company's financial performance and position, including the balance sheet, income statement, and cash flow statement.