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...
-
Flextrola, Inc., an electronics systems integrator, is planning to design a key component for their next-generation product with Solectrics. Flextrola will integrate the component with some software...
-
Years in which U.S. presidents were inaugurated. Determine which of the four levels of measurement (nominal, ordinal, interval, ratio) is most appropriate.
-
Chenango Can Company manufactures metal cans used in the food-processing industry. A case of cans sells for $25. The variable costs of production for one case of cans are as follows: Direct...
-
Sam is an independent contractor to Quick-save, a computer service company. Sam sells the company's services and is compensated for every sale he makes. Quick-save decided to terminate its...
-
1. Consider Figure Between points c and d, the opportunity cost of ___ tons of wheat is _______ tons of steel. 2. Arrow up or down: An increase in the wage for high-school graduates ______ the...
-
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...
-
How would your answers to Question 2 change if Australia pursued a contractionary monetary policy?
-
How is Net Section 1231 loss of $ 14,000 treated? How is Net Section 1231 loss of $ 26,000 treated? How is Net Section 1231 gain of $ 35,000 treated? How is Net Section 1231 gain of $ 17,750 treated?...
-
The Alliance Corp. expects to sell the following number of units of copper cables at the prices indicated, under three different scenarios in the economy. The probability of each outcome is...
-
Georgia is the sole shareholder of Andromeda Corporation, a calendar-year S corporation. Andromeda is indebted to Georgia in the amount of $5,000. For the current year, Andromeda earned $25,000 of...
-
Outline Psychodynamic Theory and how it relates to defense mechanisms (ie displaced, misplaced and overblown conflict and rationalization) ?
-
Say you buy an house as an investment for 300000$ (assume that you did not need a mortgage). You estimate that the house will increase in value continuously by 37500$ per year. At any time in the...
-
Determine the thermal efficiency of the regenerative Rankine cycle of Prob. 10-48 when the isentropic efficiency of the turbine before and after steam extraction point is 90 percent and the condenser...
-
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...
-
Next comes locating savings for the "One-time savings" section in row 38. As is typical for cost-benefit analyses on administrative projects, savings come from current costs they will stop paying...
-
This case provides information about Lockitt, Inc, manufacturer of Duralock, a specialized, sealant lock for commercial chemical containers to prevent spillage or leaking of liquid chemicals. This...
-
Compare between Invasive and modern non-invasive prenatal tests.
Study smarter with the SolutionInn App