The Keller, Long, and Mason partnership had the following ba…

The Keller, Long, and Mason partnership had the following balance sheet just before entering liquidation:         Cash $ 115,000   Liabilities $ 45,000 Noncash assets   230,000   Keller, Capital   100,000         Long, Capital   70,000         Mason, Capital   130,000 Total $ 345,000   Total $ 345,000   Keller, Long, and Mason share profits and losses in a ratio of 2:4:4.Assuming noncash assets were sold for $70,000 and liquidation expenses in the amount of $18,500 were incurred, how much will each partner receive in the liquidation?     Keller Long Mason A) $ 14,000   $ 28,000   $ 28,000   B) $ 37,000   $ 74,000   $ 74,000   C) $ 63,833   $ 0   $ 57,667   D) $ 0   $ 0   $ 121,500   E) $ 57,833   $ 12,000   $ 51,667                             A)    Option A.                        B)    Option B.            C)    Option C.            D)    Option D.            E)    Option E.

P, L, and O are partners with capital balances of $50,000, $…

P, L, and O are partners with capital balances of $50,000, $30,000 and $20,000 and who share in the profit and loss of the PLO partnership 30%, 20%, and 50%, respectively, when they agree to admit C for a 20% interest.C contributes $10,000 to the partnership and the goodwill method is used.What will be the result of the goodwill calculation?

Refer to Table 3-1. If the table represents the lowest amoun…

Refer to Table 3-1. If the table represents the lowest amount these individuals are willing to accept to sell their ownership rights to the Empire Entertainment Record Label and a group of investors offers them each $50 million for their ownership rights, then what would be their combined producer surplus?

Cupid has heard about the law of demand and wants to test th…

Cupid has heard about the law of demand and wants to test this theory that people will buy less of a good as its price increases.  He decides to study the relationship between the price of roses and the quantity of roses that people choose to buy.  He notices that on Friday, February 14th (Valentine’s Day), the price of roses increases, and yet people choose to buy even more Roses.  He concludes that the law of demand is not a valid theory.  Which of the following is true?