A Local Partnership Was in the Process of Liquidating and Reported

question 65

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:

Tariff

A tax imposed by a government on imported or exported goods to regulate trade.

Quota

A trade limitation enforced by the government that restricts the quantity or financial value of products that may be exported or imported within a certain timeframe.

Revenues

Revenues represent the total income generated by a business from its primary activities, such as sales of goods or services, before any costs or expenses are deducted.

Government

The organization, or group of individuals, recognized by the populace as having the authority to govern a political state, including creating and enforcing laws.