A Local Partnership Was in the Process of Liquidating and Reported

question 41

Multiple Choice

A local partnership was in the process of liquidating and reported the following capital balances: $\begin{array}{lc}\text { Justice, capital }(40 \% \text { share of all profits and losses }) & \$ 23,000 \\\text { Zobart, capital }(35 \%) & 22,000 \\\text { Douglass, capital }(25 \%) & (14,000) \end{array}$ 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 Justice receive?

• A) $15,467.
• B) $15,533.
• C) $17,333.
• D) $16,533.
• E) $15,867.

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Definitions:

War for Independence

Refers to the American Revolutionary War (1775-1783), in which the thirteen American colonies fought for and gained independence from British rule.

Segregated Units

Military or other organizational units that are divided based on race, ethnicity, religion, or gender, often seen historically in the armed forces.

Integrated Units

Military or organizational units composed of members from different racial, ethnic, or gender groups, especially significant in historical contexts of segregation.

Full Persons

Refers to the recognition of individuals' full legal and human rights, often discussed in contexts of civil rights and emancipation.