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

question 11

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 Mick takes equipment with a fair value of $40,000 and a book value of $50,000 in partial satisfaction of his equity in the partnership.If all the $200,000 cash is then distributed,the partners should receive:

• A)Mick,$100,000; Keith,$60,000; Charlie,$40,000
• B)Mick,25,000; Keith,15,000; Charlie,10,000
• C)Mick,- 0; Keith,45,000; Charlie,5,000
• D)- 0; Keith,50,000; Charlie,- 0

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Definitions:

Schizophrenic

Refers to an individual diagnosed with schizophrenia, a mental disorder characterized by disruptions in thought processes, perceptions, emotional responsiveness, and social interactions.

Neurotransmitter Levels

The concentrations of chemicals in the brain that transmit signals across synapses between neurons, influencing mood, thought, and behavior.

First-generation Antipsychotic

A class of drugs used to treat psychiatric conditions, particularly schizophrenia, characterized by their dopamine receptor antagonism.

Second-generation Antipsychotic

A class of drugs used to treat psychiatric conditions, generally considered to have fewer side effects than first-generation antipsychotics.