Fancher organized a limited partnership and is the only general partner. Carley invested $20,000 in the partnership and was admitted as a limited partner with the understanding that she would receive 10% of the profits. After two unprofitable years, the partnership ceased doing business. At that point, partnership liabilities were $85,000 larger than partnership assets. How much money can the partnership’s creditors obtain from Carley’s personal assets to satisfy the unpaid partnership debts?
Answer to relevant QuestionsJules and Johnson are partners, each with $ 40,000 in their partnership capital accounts. Kwon is admitted to the partnership by investing $ 40,000 cash. Make the entry to show Kwon’s admission to the partnership.If a short-term investment in available-for-sale securities costs $ 10,000 and is sold for $ 12,000, how should the difference between these two amounts be recorded?Refer to KTM’s financial statements in Appendix A. Compute its cost of goods available for sale for the year ended December 31, 2011.During the current month, a company that uses a job order cost accounting system incurred a monthly factory payroll of $ 175,000, paid in cash. Of this amount, $ 44,000 is classified as indirect labor and the remainder as ...Piaggio has many departments. How is a department’s contribution to overhead measured?
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