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

question 22

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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?


Definitions:

Existentialism

The approach to philosophy that focuses on conscious experience (phenomenology), free will, the meaning of life, and other basic questions of existence.

Sartre

Jean-Paul Sartre, a French existentialist philosopher, playwright, and novelist known for his exploration of freedom, existentialism, and the human condition.

Nietzsche

A German philosopher known for his exploration of individual morality, the will to power, and the critique of religion.

Optimistic View

A tendency to look on the more favorable side of events or conditions and to expect the most favorable outcome.

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