A Local Partnership Has Assets of Cash of $5,000 and a Building

question 73

Multiple Choice

A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities have been paid. The partners' capital accounts are as follows Harry $40,000, Landers $30,000 and Waters 15,000. The partners share profits and losses 4:4:2.
If the building is sold for $50,000, how much cash will Waters receive in the final settlement?

• A) $5,000.
• B) $9,000.
• C) $18,000.
• D) $28,000.
• E) $55,000.

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Definitions:

Hostile Behaviors

Actions or attitudes that express anger, aggression, or resentment towards others.

Imitated

Copied or reproduced someone's behavior, action, or expression, often to learn or fit in.

Adolescents

People undergoing the phase of both physical and mental growth that typically happens from puberty until reaching the age of legal maturity.

Observational Learning

The process of acquiring new behaviors or knowledge by watching and imitating others, also known as social learning.