Rodriguez, Sate and Melton Are Dissolving Their Partnership

question 111

Multiple Choice

Rodriguez, Sate and Melton are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Rodriguez, $30,000, Sate, $30,000, Melton, $(4,000) . After all the assets are sold and liabilities are paid, but before any contributions are considered to cover any deficiencies, there is $56,000 in cash to be distributed. Melton pays $4,000 to cover the deficiency in her account. The general journal entry to record the final distribution would be:

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Definitions:

Production Costs

The total expenses incurred in the manufacture of a product, including raw materials, labor, and overhead costs.

Centre of Gravity

A method used in logistics and supply chain management to determine the optimal location of a facility based on minimizing transportation costs, taking into account the geographic location of suppliers, customers, and products.

Coordinates

A set of values that show an exact position within a system, typically represented in terms of latitude and longitude or X and Y values in a plane.

Processing Centre

A facility designed to process inputs into finished goods or to handle specific types of transactions, such as data or payment processing.