Heidi, Sergei, Shou-Ju, and Jesus form a general partnership to operate a sporting equipment store. After their
Question:
Heidi, Sergei, Shou-Ju, and Jesus form a general partnership to operate a sporting equipment store. After their first store is successful, they expand until the partnership owns 100 stores. At that time, Heidi dies. Which of the following is true?
A. Heidi's share of profits is split among the remaining 3 partners.
B. Heidi's heirs now have the right to receive Heidi's one-quarter of the partnership's profits and other partnership distributions.
C. One quarter of the partnership assets transfer to Heidi's heirs.
D. All of the partnership assets transfer to Heidi's heirs.
E. Heidi's heirs receive nothing.
Management Accounting
ISBN: 9780730369387
4th Edition
Authors: Leslie G. Eldenburg, Albie Brooks, Judy Oliver, Gillian Vesty, Rodney Dormer, Vijaya Murthy, Nick Pawsey