The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Morgan capital, $60,000; Rockwell capital, $80,000. The other assets were sold for $139,000. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive
cash totaling
A) $46,000
B) $51,000
C) $60,000
D) $49,500
A
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Keith, a middle-aged sales representative at a sports apparel store, often encounters customers from Generation Y. Which of the following approaches should Keith adopt to serve these customers better?
A. He must adopt a flippant approach toward them. B. He must strive to become overly familiar with them. C. He must strive to cater to their wants and needs just like any other customer. D. He must adopt an informal approach and treat them as his own children.
Which one of the following statements is false?
A) When stock is issued, legal capital is usually the total amount received. B) Par value has no direct relationship to market value. C) The accounting for stated value, no-par stock parallels accounting for par-value stock. D) Capital shareholders have limited liability.
The dollar change for a comparative financial statement item is calculated by:
A. Subtracting the analysis period amount from the fair value amount. B. Subtracting the base period amount from the analysis amount, then dividing the result by the base amount C. Subtracting the analysis period amount from the base period amount, dividing the result by the base period amount, then multiplying that amount by 100. D. Subtracting the base period amount from the analysis period amount. E. Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, then multiplying that amount by 100.
Whereas a sales representative can bind its principal to a contract with third persons, a commercial agent may only solicit business.
Answer the following statement true (T) or false (F)