The Partnership of Mick,Keith,and Charlie Has Been Dissolved and Is

question 20

Multiple Choice

The partnership of Mick,Keith,and Charlie has been dissolved and is in the process of liquidation.On July 1,2017,just before the second cash distribution,the assets and equities of the partnership along with residual profit sharing ratios were as follows: Assume that the available cash is distributed immediately,except for a $25,000 contingency fund that is withheld pending complete liquidation of the partnership.How much cash should be paid to each of the partners?

• A)Mick,$87,500; Keith,$52,500; Charlie,$35,000
• B)Mick 12,500; Keith ,7,500; Charlie,10,000
• C)Mick - 0 -; Keith,25,000; Charlie,- 0 -
• D)Mick - 0 -; Keith,15,000; Charlie,10,000

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Definitions:

British Pounds

The currency of the United Kingdom, officially known as the pound sterling, used across England, Scotland, Wales, and Northern Ireland.

Exchange

The act of trading goods, services, or financial instruments, which can occur in a physical or virtual marketplace.

Current Account

A segment of a nation's balance of payments that comprises the balance of trade, net primary income, and net secondary income.

Deficit

The amount by which expenses or costs exceed income or revenues, especially in the context of government budgets.