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.

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Definitions:

Single-use Plans

Plans developed to achieve a set of goals that are not intended to be repeated in the future, specific to a unique situation.

Standing Plans

Refers to established policies, procedures, and rules that provide a basis for decision-making and action in recurring situations.

Project Schedule

A planned timeline for the tasks and milestones involved in completing a project, often depicted in a Gantt chart or similar tool.

Task Objectives

Specific goals set for the completion of a task, focusing on outcomes, efficiency, and the quality of the work done.