A local partnership was in the process of liquidating and reported the following Capital account balances: Justice, capital (40% share of all profits and losses)$23,000 Zobart, capital (35%) 22,000 Douglass, capital (25%) (14,000)??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 Zobart receive?
A. $15,467.
B. $14,467.
C. $17,333.
D. $15,867.
E. $15,633.
Answer: A
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Which of the following is not a characteristic of all long-term assets?
A) Possess physical substance B) Not for resale C) Used in operations of business D) Useful life of more than a year
Cody is working as an undercover drug agent. He enrolls in classes at State University where he meets several students in business administration and invites them to come to his house for a party. No mention is made of any drugs, but he does say he will have a keg of beer. Shortly after his guests arrive, he gets out some marijuana and encourages the group to have some. All of them refuse, except
Sam, who has never tried it before. When Sam lights up, Cody arrests him for possession of a controlled substance. Sam: A) is clearly guilty as charged. B) can raise the defense of entrapment, claiming Cody has enticed him to commit a crime that he would not have committed otherwise. C) has a valid defense of duress. D) can raise the Fourth Amendment to exclude the marijuana as evidence that has been illegally seized.
Which of the following is a source of external capital?
A) Retained earnings B) Inventory C) Long-term debt D) Operating income (earnings before interest and taxes)
Future oriented cultures tend to take a long-term orientation that ties the present to the past and future.
a. true b. false