Use the Following to Answer the Questions

question 45

Multiple Choice

Use the following to answer the questions.
The YMCA in mid-town Atlanta has recently upgraded its facilities,including building a new olympic-sized swimming pool and children's playground.All locations of the Atlanta "Y" are open from 6:00 am until 11:00 pm,360 days a year.The children's playground is accessible for members only,and is a fenced and secured area.During the weekdays,children under the age of 12 can engage in supervised activities at the playground,for no extra fee.Additionally,there are swimming classes for children of all ages,which is also covered by the monthly membership fee.The swimming pool has been very popular with the professionals who stop by for a swimming workout before or after work.
Many of the YMCA locations are very busy all year,however,the midtown "Y" is busier during the early morning and early evenings.At a recent meeting,Maya Sinclair,its manager,shared her concerns about getting more people into the "Y" at other times of the day.She asked for ideas from her staff about how to do this.She also said that the city of Atlanta had reduced the "Y"'s funding for the next year by 20%.This would cause a need for the "Y" to either gain additional members or charge more per member for the annual fee.
-Refer to Scenario 12.1.What type of product is the children's playground at the "Y"?

• A) The YMCA has no product.
• B) The playground is a consumer service product.
• C) The playground is a business service product.
• D) The playground is a shopping product.
• E) The playground is a governmental shopping product.

Recognize the process and financial implications of partnership liquidation including asset sale, creditor payment, and cash distribution among partners.

Identify how gains or losses from non-cash assets realization are allocated among partners during liquidation.

Distinguish between the different types of contributions (capital and loans) and withdrawals (drawings) within a partnership.

Evaluate the impact of capital deficiencies on partnership liquidation and the subsequent obligations of partners.