Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. Dissolution
Question:
Match the items in the left-hand column with the descriptions/explanations in the right-hand column.
Transcribed Image Text:
Items 1. Dissolution 2. Partner's loss Descriptions/Explanations A. Sale of partnership assets, payment of its creditors, and distribution of any remaining assets to partners. absorption potential B. Allocation to other partners in their profit and loss sharing ratio if the partner is personally insolvent. 3. Liquidation 1. Statement of partnership realization and liquidation 5. Installment liquidation 5. Cash distribution plan 7. Incorporation of a partnership 3. Partner's deficit C. Schedule that shows how cash is to be distributed as it becomes available during liquidation process. D. Amount computed by dividing a partner's capital balance by that partner' s loss- sharing ratio. E. Revaluation of a partnership's assets and liabilities to their market values. F. Change in the legal relationship between partners. G. End of the normal business function of the partnership. H. in capital I. 3. Lump-sum liquidation J. ). Safe payments to partners Liquidation in which all assets are converted into cash over a short time period, enabling all creditors to be paid, with any remaining cash being distributed according to the partners' capital balance. Cash payments to partners computed on the assumption that all noncash assets will be sold for nothing. Presentation, in worksheet form, of the effects of the liquidation process on the balance sheet accounts of the partnership. K. Liquidation in which cash is periodically distributed to partners during the liquidation process.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
YOGENDRA NAILWAL
As I'm a Ph.D. student, so I'm more focussed on my chemistry laboratory. I have qualified two national level exams viz, GATE, and NET JRF (Rank 68). So I'm highly qualified in chemistry subject. Also, I have two years of teaching experience in this subject, which includes college teacher as well as a personal tutor. I can assure you if you hire me on this particular subject, you are never going to regret it.
Best Regards.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
Question Posted:
Students also viewed these Business questions
-
Match the items in the following right column with those in the left column: 1. An act of Congress that gives a department and/ or agency authority to obligate the federal government to make...
-
Match the items in the left-hand column with the descriptions/explanations in the right hand column. Items 1. Direct exchange rate 2. Indirect exchange rate 3. Managing an exposed net asset position...
-
Find the incarization of the function x) - Vx+ 4 at a-5 and use it to approximate the numbers 8.97 and y9.05. Are these approximations overestimates or underestimates? SOLUTION The derivative of fx)...
-
A curved piece of glass with a radius of curvature R rests on a flat plate of glass. Light of wavelength is incident normally on this system. Considering only interference between waves reflected...
-
A randomly selected home has a 32% chance of having a fireplace. If you randomly select records for 12 homes, what is the probability that: (a) exactly 4 have a fireplace? (b) at least 7 have a...
-
The following data are for Marvin Department Store. The account balances (in thousands) are for 2017. 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income...
-
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. To avoid more conflict, the partners have decided to cease operations and sell...
-
Bank extends a revolving line of credit to Epstein Corp., secured by Epstein's inventory and receivables. Epstein has now filed bankruptcy. At all times during the 90 days preceding the filing the...
-
On January 1, 20X5, Post Company acquired an 80 percent investment in Stake Company. The acquisition cost was equal to Posts equity in Stakes net assets at that date. On January 1, 20X5, Post and...
-
Mrs. Taft owns a $150,000 insurance policy on her husbands life. The policys cash value is $125,000, and there is a $50,000 loan against it. The Tafts personal statement of financial condition at...
-
Using the Internet and a Web browser, visit a search engine such as Google or Yahoo! and type marketing research. From the thousands of options you are offered, pick a website that you find...
-
Suppose the price of X is $5 and the price of Y is $10 and a hypothetical household has $500 to spend per month on goods X and Y. a. Sketch the household budget constraint. b. Assume that the...
-
What does a net present value profile tell you, and how is it constructed?
-
On 2 October 2002, the Securities and Exchange Commission (SEC) filed a civil enforcement action against Andrew S. Fastow, the former Chief Financial Officer of Enron Corp., for alleged fraud. The...
-
The To Complete Performance Index (TCPI) is a measure of the cost performance required in order to finish the outstanding work within the remaining budget. The formula for this index is...
-
The following is a production function. a. Draw a graph of marginal product as a function of output. b. Does this graph exhibit diminishing returns? Explain your answer.
-
The coal gasifier in an integrated gasification combined cycle (IGCC) power plant produces a gas mixture with the following volumetric percent composition: Product CH4 H2 CO CO2 N2 H2O H2S NH3 % vol....
-
Data on weekday exercise time for 20 females, consistent with summary quantities given in the paper An Ecological Momentary Assessment of the Physical Activity and Sedentary Behaviour Patterns of...
-
Verry Corporation owns 75 percent of Spawn Corporations voting common stock. Verry reported income from its separate operations of $90,000 and $110,000 in 20X4 and 20X5, respectively. Spawn reported...
-
Verry Corporation owns 75 percent of Spawn Corporations voting common stock. Verry reported income from its separate operations of $90,000 and $110,000 in 20X4 and 20X5, respectively. Spawn reported...
-
Verry Corporation owns 75 percent of Spawn Corporations voting common stock. Verry reported income from its separate operations of $90,000 and $110,000 in 20X4 and 20X5, respectively. Spawn reported...
-
Suppose there are two competing types of word processing programs, Greenbeam and Mosdef, neither of which is compatible with the other. That is, people using the Greenbeam word processing program...
-
10.21 (Divisible by 5 or 6) Find the first 10 numbers greater than Long.MAX_VALUE that are divisible by 5 or 6.
-
Colette consumes goods x and and. Its indifference curves are described by the formula y= k/(x+2). Higher values of k correspond to better indifference curves. Colette hates x and likes good and More...
Study smarter with the SolutionInn App