A Local Partnership Was Considering the Possibility of Liquidation Since

question 63

Multiple Choice

A local partnership was considering the possibility of liquidation since one of the partners (Ding) was personally insolvent. Capital balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively. Creditors of partner Ding filed a $25,000 claim against the partnership's assets. At that time, the partnership held noncash assets reported at $360,000 and liabilities of $120,000. There was no cash on hand at the time.
If the assets could be sold for $228,000, what is the minimum amount that Laurel's creditors would have received?

• A) $36,000.
• B) $0.
• C) $2,500.
• D) $38,250.
• E) $67,250.

Understand the principles of effective Web and email writing.

Appreciate the role of instant messaging in modern communication.

Recognize effective strategies for managing email communication.

Understand the impact of electronic communication on workplace privacy.

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Definitions:

Variable

A variable is an element, feature, or factor that is likely to vary or change; it is a basic unit of data in statistical analysis.

Aldaric Acid

A type of dicarboxylic sugar acid obtained by oxidizing both the aldehyde and primary alcohol groups of an aldose sugar.

Optically Active

A characteristic of a compound that has the ability to rotate the plane of polarized light, caused by the presence of asymmetry in the molecule.

Bromine Water

An aqueous solution of bromine used as a reagent in organic chemistry, particularly in tests for unsaturation.