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Which of the following statements is false concerning the partnership Statement of Liquidation?

President Fubusa, of a small African nation, is arguing that his country needs to implement significant reforms in trade policy.  You have been retained as his adviser and are in charge of educating the president in these areas. Explain to him in an essay the debate surrounding free trade vs trade barriers. Be sure to address BOTH economic and welfare effects (the  CS/PS stuff) of trade barriers to paint a full picture. But, ALSO help him understand when it might make sense to retain trade barriers. Be thorough and detailed, and use examples to illustrate your points. **Make sure that your essay incorporates content from the current units. You can also incorporate content from older units.  You will be judged on the depth, accuracy, and persuasiveness of your explanation.  *This is a bit open-ended and you need to put some structure in place. **Expected length is about 1-1.25 pages (equivalent), single-spaced. I don’t think you can do a good job with an essay that is much shorter.  ***Note that a few sentences is not sufficient to answer this question and will not earn you an acceptable score. ****Be detailed and be thorough. Assume that the president is not an economist and be thorough in your explanations, to a reasonable degree, and offering examples.  *****Content is the most important contributor to your grade. But writing quality counts too. I do not expect perfection from a timed essay. But I do expect that your work is proofread and major grammar errors and spelling errors are addressed.  SPEND A FEW MINUTES EDITING YOUR WORK BEFORE SUBMITTING.  

Dancey, Reese, Newman, and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, Capital account balances were as follows:         Dancey, capital $ 72,000 Reese, capital   32,000 Newman, capital   52,000 Jahn, capital   24,000   Which one of the following statements is true for a predistribution plan?                         A)    The first available $16,000 would go to Newman. The next $12,000 would go $8,000 to Dancey and $4,000 to Newman. The following $32,000 would be shared equally between Dancey, Reese, and Newman. A total distribution of $60,000 would be required before all four partners share any further payments equally.             B)    The first available $16,000 would go to Newman. The next $12,000 would go $8,000 to Dancey and $4,000 to Newman. The following $32,000 would be shared by Dancey, Reese, and Newman. The total distribution would be $60,000 before all four partners share any further payments in their profit and loss sharing ratios.            C)    The first $20,000 would go to Newman. The next $8,000 would go to Dancey. The next $12,000 would be shared equally by Dancey, Reese, and Newman. The total distribution would be $40,000 before all four partners share any further payments equally.            D)    The first available $8,000 would go to Newman. The next $4,000 would be split equally between Dancey and Newman. The following $12,000 would be shared by Dancey, Reese, and Newman. The total distribution would be $24,000 before all four partners share any further payments equally.            E)    The first available $8,000 would go to Newman. The next $4,000 would be split equally between Dancey and Newman. The following $12,000 would be shared by Dancey, Reese, and Newman. The total distribution would be $24,000 before all four partners share any further payments in their profit and loss sharing ratios.

The partnership of Gordon, Handel, and Mitchell is considering possible liquidation because partner Mitchell is personally insolvent. The partners have the following capital account balances: $120,000, $140,000, and $80,000, respectively, and share profits and losses 35%, 45%, and 20%, respectively. The partnership has $400,000 in noncash assets that can be sold for $300,000. The partnership has $20,000 cash on hand, and $80,000 in liabilities. What is the minimum that partner Mitchell’s creditors would receive if they have filed a claim for $100,000?

Dancey, Reese, Newman, and Jahn were partners who shared profits and losses on a 4:2:2:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, Capital account balances were as follows:         Dancey, capital $ 72,000 Reese, capital   32,000 Newman, capital   52,000 Jahn, capital   24,000   Which one of the following statements is true for a predistribution plan?                         A)    The first available $16,000 would go to Newman.                 B)    The first available $20,000 would go to Dancey.            C)    The first available $8,000 would go to Jahn.            D)    The first available $8,000 would go to Newman.            E)    The first available $4,000 would go to Jahn.

A partnership began its first year of operations with the following capital balances:         Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000   The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was the balance in Thurman’s Capital account at the end of the first year?                         A)    $120,900.                        B)    $118,300.            C)    $126,100.            D)    $80,600.            E)    $111,500.

Goodman, Pinkman, and White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year; (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021.What was Pinkman’s total share of net income for 2020?

Jell and Dell were partners with capital balances of $600 and $800, and an income-sharing ratio of 2:3. They admitted Zell with a 30% interest in the partnership, and the total amount of goodwill credited to the original partners was $700. What amount did Zell contribute to the business?

When Danny withdrew from John, Daniel, Harry, and Danny, LLP, he was paid $80,000, although his capital account balance was only $60,000. The four partners shared net income and losses equally, and no revaluation will take place. The journal entry to record the effect on John’s capital due to Danny’s withdrawal would include:

Termite reaction shown below are used to produce intense heat.  Based on the reaction enthalpy, how many kJ of heat is generated by this reaction when 103.0 grams of aluminum with excess amount of Fe2O3 in this reaction? 2 Al (s) + Fe2O3 (s) -> Al2O3 (s) + 2 Fe (s)