After all partnership assets have been converted to cash and all liabilities paid, the remaining cash should
Question:
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
At all times in the accounting history of a partnership or any organization assets must ...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
After all partnership assets are converted to cash and all liabilities have been paid, the remaining cash should equal the sum of the balances of the partners capital accounts. Why?
-
After all partnership assets were converted into cash and all available cash distributed to creditors, the ledger of the Daniel, Eric, and Fred partnership showed the following balances: The...
-
When all partnership assets have been distributed in the liquidation of a partnership, some partners may have debit capital balances and others may have credit capital balances. How are such balances...
-
Find a minimum spanning tree for the following graph using all 3 algorithms 13 17 22- 20 15, a. Adding the shortest edge first b. Deleting the longest edge first c. Growing a tree from the node D
-
Upland Limited borrowed $40,000 on November 1, 2014, by signing a $40,000, three-month, 9% note. Prepare Upland's November 1, 2014 entry; the December 31, 2014 annual adjusting entry; and the...
-
SHOW WORKINGS: Suppose a Gatorade costs 25 euros in Finland and20 Singaporean dollars in Singapore. If the exchange rate is 1.25euros per Singaporean dollar, what is the real exchange rate?
-
Estimate the fundamental frequency of a cantilever beam whose cross-sectional area and moment of inertia vary as \[A(x)=A_{0} \frac{x}{l} \quad \text { and } \quad I(x)=\bar{I} \frac{x}{l}\] where...
-
The following information about the payroll for the week ended July 17 was obtained from the records of Anaconda Mining Co.: Instructions 1. For the July 17 payroll, determine the employee FICA tax...
-
A method of determining a company's cost of retained earning is the own bond plus risk premium approach. This approach assumes that the risk of a company is embedded in its bond yield and the...
-
Using the Input Job Variable Costs' use case and the information, both below, create a sequence diagram illustrating a Team Leader (TL) updating a Job's variable costs at the completion of a job. The...
-
Kay, Kat, and Kim are partners. In a liquidation, Kays share of partnership losses exceeds her capital account balance. Moreover, she is unable to meet the deficit from her personal assets, and her...
-
Assume a partner withdraws from a partnership and receives assets of greater value than the book value of his equity. Should the remaining partners share the resulting reduction in their equities in...
-
You have just begun a new position in the Public Relations Department of the RIAA. You have been asked to prepare a one-page summary defending the organizations position against music piracy. What...
-
Possessions other than real property, such as jewelry. a. bill of sale b. certifi cate of title c. condition s ubsequent d. condition pr ecedent e. estoppel f. fungible goods g. order bill of lading...
-
Domination of a persons will by force or by threat of force or injury. a. contract of adhesion b. duress c. fraud d. intentional c oncealment e. misrepresentation f. mistake g. mutual a greement h....
-
A contract regarded as shockingly unfair and unjust. a. contract of adhesion b. duress c. fraud d. intentional c oncealment e. misrepresentation f. mistake g. mutual a greement h. puffi ng i....
-
An offer to large groups of people, only one of whom can accept. a. acceptance b. counteroffer c. invitation to tra de d. lapse of time e. mailbox r ule f. offeree g. offeror h. public of fer i....
-
Intentional misstatement of a material fact. a. contract of adhesion b. duress c. fraud d. intentional c oncealment e. misrepresentation f. mistake g. mutual a greement h. puffi ng i. unconscionable...
-
What is the middle-class effect?
-
Why is disclosure of depreciation or amortization methods and rates so important?
-
Construct a contour plot of the crack tip stress component y from solution (11.6.7). This result could be compared with the equivalent isotropic problem from Exercise 10.24. Equation 11.6.7 Data...
-
On January 5, 2011, Holstrom Co. disposes of a machine costing $65,500 with accumulated depreciation of $35,284. Prepare the entries to record the disposal under each of the following separate...
-
Volkswagen Group reports the following information for property, plant and equipment as of December 31, 2008, along with additions, disposals, depreciation, and impairments for the year ended...
-
Xavier Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2011, at a total cash price of $787,500 for...
-
The risk free rate is 2% and the market rate of return is 6%. The stock has a beta value of 1.5. What is the expected return on the stock. Is the stock overpriced?
-
It is year end, and RSG Investment Bank's stock is currently selling at $41.00 per share, just after paying out its annual dividend. The risk-free rate is 1.7% and the expected market return is 7%....
-
Sweet Muffins sells its muffins to restaurants and coffee houses for an average selling price of $33 per case. The following information relates to the budget for Sweet Muffins for this year (all...
Study smarter with the SolutionInn App