A Local Partnership Was in the Process of Liquidating and Reported

question 62

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:

Reduced Costs

refers to decreases in expenses or outlays, often achieved through efficiency improvements, negotiations, or adopting new technologies.

Competitive Advantage

Conditions or aspects that confer on a business a superior or more advantageous situation compared to competitors.

Customized Products

Goods or services specifically tailored to meet the unique preferences or needs of individual customers.

High Quality Standards

The maintenance of excellence and superior standards in products or services.