Describe the four accounting entries for the liquidation of a partnership.
Question:
Describe the four accounting entries for the liquidation of a partnership.
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due....
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
The four accounting entries for the liquidation of a partnership are a Sale of assets Cash is debite...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
How does liquidation of a partnership differ from dissolution?
-
Ashley, Brian, and Carina have been in partnership for many years. The partners, who share profits and losses on a 2:4:4 basis, respectively, wish to retire and have agreed to liquidate the business....
-
The inventory footnote from The Dow Chemical Company's first quarter 2019 SEC report follows. The company also reports cost of goods sold for Ql of 2019 of $10,707 million. Inventories, in millions...
-
List the following numbers in numerical order, starting with the smallest: 1, 9, , 5, |8| , |3|, 3.1.
-
Five hundred randomly selected automobile owners were questioned on the main reason they had purchased their current automobile. The results are given below. Give your conclusion for this test with...
-
Determine Ib in the circuit in Fig. 3.58 using nodal analysis. Figure 3.58 For Prob. 3.9 60 Ib -16 Ib 250 24 V 50 150
-
List three examples of money-related opportunity costs you have faced in the last two months. Write a sentence explaining what decision you made for each one and why.
-
Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions....
-
Ethical, Fraud, and Legal Issues for Accountants Write the answers to the following questions in your own words. 1. What were the incentives and pressures that led to the fraud?...
-
1. Map Vanguards corporate culture to the cultural web elements of paradigm, stories, symbols, power, organisation structure, control styles and rituals and routine. 2. How do the various elements of...
-
When a new partner who has been the sole owner of a business is admitted to a partnership by having the partnership take over the old business, what usually serves as the basis for preparing the...
-
Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According to the agreement, Morris is to contribute $45,000 cash and Laski is to contribute $65,000 cash. Provide a...
-
A ball of mass 2.0 kg, moving at 3.0 m s 1 , strikes a wall and rebounds with almost exactly the same speed. State and explain whether there is a change in: a. The momentum of the ball b. The kinetic...
-
Which graph shows the variation with time t of the kinetic energy (KE) of an object undergoing simple harmonic motion (shm) of period T? A KE 1.5 1.0- 0.5- 0- -0.5- -1.0- -1.5- C. KE D. KE 1.5- mun...
-
Use mathematical induction to prove the following identities. (a) [5 points] For all integers n 1, 1.2.3+2.3.4++n(n + 1)(n+ 2) = +n(n+1)(n+2) n(n+1)(n+2)(n+3) (b) [5 points] For all integers n > 1,...
-
A company issued 1 0 % , 1 0 - year bonds with a par value of $ 1 , 1 7 0 , 0 0 0 on January 1 , at a selling price of $ 1 , 0 3 8 , 3 0 0 when the annual market interest rate is 1 2 % . The company...
-
Think about the common saying that leaders are born, not made. If your co-worker said that to you, how would you respond? be descriptive and analytical on your response! (Use leadership terminology...
-
Write a program that asks the user for the name of a file. The file should be opened for reading The program should read the contents of the file, change all characters to upper case and display the...
-
Consider an economy that is populated by a bank, consumers whose population is normalized to be 1, and a regulator. Each consumer is born in \(t=0\) with 1 unit of endowment, and they can invest in...
-
Which task is performed by a book-keeper? A. Analysing the trading results B. Entering transactions in the ledger C. Preparing year-end financial statements D. Providing information for...
-
Use Spice to solve the indicated problems and examples. In the two-mesh circuit shown in Fig. 8-31, the switch is closed at t = 0. Find i 1 and i 2 , for t > 0. 50 V ( + 5 20 Fig. 8-31 592 0.1
-
In what order are accounts arranged in the general ledger? Why?
-
In what order are accounts arranged in the general ledger? Why?
-
What are posting references? Why are they used?
-
Ruiz Company provides the following budgeted sales for the next four months. The company wants to end each month with ending finished goods inventory equal to 40% of next month??s budgeted unit sales...
-
Question 1 of 1 8.67/100 Lars Linken opened Monty Cleaners on March 1, 2020. During March, the following transactions were completed. Mar Owner invested $13,800 cash in the company. 1 1 Borrowed...
-
I needhelp please!! I dont know where I went wrong General information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding...
Study smarter with the SolutionInn App