Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2 . Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000 . If the noncash assets are sold for $60,000, and both partners agree to make up any capital deficits with personal cash contributions, Partner Macki will eventually receive cash of
a. $0
b. $4,000
c. $16,000
d. $24,000
c
You might also like to view...
A financial statement audit must be conducted based on GAAP.
Answer the following statement true (T) or false (F)
As a member of a team that must make a presentation, your responsibility—
a. can be fulfilled best if you direct the work of other team members. b. ends when you have given your part of the presentation. c. includes being prepared to handle questions or refer them to others who know the answers. d. is to react nonverbally to other team members' contributions to the presentation.
In a recommendation letter, Nathan falsely accuses former employee Jacqueline of treating her supervisor disrespectfully. This action is considered to be ________
A) slander B) libel C) positive D) harmless
____ charts present categorical and numeric data that are grouped in intervals, such as sales per month or expenses for each product.
A. Column B. Bar C. either a. or b. D. neither a. nor b.