A Local Partnership Was in the Process of Liquidating and Reported

question 23

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 in the cash account.
How much of this money should Zobart receive?

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

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Definitions:

Acetabulum

The cup-shaped socket in the pelvis that receives the head of the femur, forming the hip joint.

Tarsals

The seven bones constituting the ankle and heel forming part of the foot.

Carpals

The eight small bones that form the wrist, connecting the hand to the forearm.

Upper Limb

The region of the human body comprising the arm, forearm, wrist, and hand.