When a partnership liquidates, do partners get paid first or do creditors get paid first?
Question:
When a partnership liquidates, do partners get paid first or do creditors get paid first?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (14 reviews)
Under the RUPA creditors are paid first including any partner...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
Partnership profits or losses allocated to the partners retain their source and characteristics. What does this mean? How does this compare with the manner in which a corporations profits or losses...
-
A partnership is thriving. The three partners get along well; they complement each others skill sets and enjoy each others company. One of the partners, Melinda, begins to behave differently. She...
-
When do creative people get their best ideas? USA Today did a survey of 966 inventors (who hold U.S. patents) and obtained the following information: Time of Day When Best Ideas Occur (a) Assuming...
-
What problems may be encountered in making a comparative study of remuneration reports?
-
Risk-bearing financial institutions diversify risk by combining a large number of exposure units in a risk group. Describe the types of exposure units found in the risk groups of an insurer, a mutual...
-
An article in the Wall Street Journal stated, With the uncertainty lifting and economy doing well, the European Central Bank is more likely to taper the massive stimulus program that has helped keep...
-
Derive the stiffness matrix of the tapered bar element (which deforms in the axial direction) shown in Fig. 12.13. The diameter of the bar decreases from \(D\) to \(d\) over its length. P. E D X d...
-
You have prepared the following schedule for a project in which the key resource is a backhoe. This schedule is contingent on having 3 backhoes. You receive a call from your partner, Brooker, who...
-
Credit cards are plastic cards issued by a bank or other business allowing the holder of the card to purchase goods and services without using cash, also called buying on credit. They allow you to...
-
Kenmare Architects Ltd. (KAL) was incorporated and commenced operations on January 1, 2014. Sheila Kenmare, the company's only employee, consults with various clients and uses expensive equipment to...
-
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $90,000 to the partnership for a 1/3 share. What amount should the partnership...
-
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandies...
-
Show the conjugate bases of these species: a) H-0-H_bH-0 H CH-N-H d) H-C-C-H H
-
Discuss few recent developments with examples that have the potential to disrupt the conventional banking and finance industry.
-
Calculate the monthly payment for a mortgage of $180,000 with rate of 4% over a period of 15 years. Round to the nearest dollar.
-
A 30-year ARM with 2 points ($100,000 note amount) is offered with an initial interest rate of 3.75% based on the 1-year Treasury Index that is currently at 6.57. The margin is 225 bp, and the...
-
Your favorite bank is offering to lend $10,000 to you with the agreement to make monthly payment of $250 over 4 years. What is the effective annual rate the bank is charging you? If you agree to...
-
Prepare a matrix of the types of banks (1. Commercial, 2. Thrift,3. Rural, and 4. Cooperative) with their functions, advantages, and limitations.
-
For an ideal inductor in an ac circuit, explain why the voltage across the inductor must be zero when the current is maximum.
-
White Bolder Investments (WBI) You are an intern working for WBI, a large investment advisory services in Sydney. Among other regular customers, WBI has been providing advisory services for Jumbo...
-
In December, General Motors produced 6600 customized vans at its plant in Windsor. The labour productivity at this plant is known to have been 0.10 vans per labour-hour during that month; 300...
-
Refer to Problem 1.13. The pay will be $8 per hour for employees. Marjatta Viitasalo can also improve the yield by purchasing a new blender. The new blender will mean an increase in her investment....
-
This year, Benson, Inc., will produce 57,600 hot water heaters at its plant in Saskatoon, Saskatchewan, in order to meet expected global demand. To accomplish this, each labourer at the Saskatoon...
-
entory LO P1 Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased Direct materials used Direct labor used Factory overhead Work in...
-
Four departments of a company need to order the following amounts of the same products. (a) Use matrix multiplication to get a matrix showing the comparative costs for each department for the...
-
The trial balance columns of the worksheet for Cullumber Company at June 30, 2027, are as follows. Cullumber Company Worksheet For the Month Ended June 30, 2027 Trial Balance Account Titles Dr. Cr....
Study smarter with the SolutionInn App