The remaining cash of a partnership (after creditors have been paid) upon liquidation is divided among partners according to their
a. drawing balances
b. capital balances
c.income sharing ratio
d. contribution of assets
Homework Answers
answer : b) Capital balances
explanation
the remaining cash of the partnership (after creditors have been paid ) upon liquidation is divided among partners according to their capital balances . partnership is the firm started by more than two partners by writing a specific agreement among them . the partnership agreement is a document which describes all the affairs of the partners and partnership firm .
liquidation of the partnership means disposing all assets and liabilities of partnership firm . in a liquidation process , the amount first paid to the creditors , after the remaining amount of cash distributed among the partners according to their capital balances (profit/loss sharing ratio ).
Add Answer to:
The remaining cash of a partnership (after creditors have been paid) upon liquidation is divided among...
The remaining cash of a partnership (after creditors have been paid) upon liquidation is divided among...
The remaining cash of a partnership (after creditors have been paid) upon liquidation is divided among partners according to their a. drawing balances b. capital balances C. income sharing ratio d. contribution of assets
A gain or loss on realization is divided among partners according to their a. capital...
A gain or loss on realization is divided among partners according to their a. capital balances. b. contribution of assets. c. income sharing ratio. d. drawing balances.
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000. a. What is the amount of a gain or loss on realization? $ b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $10,000 and $12.000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $23,000 a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel C. How should...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $12,000 and $8,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $15,000. a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How should...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000. a. What is the amount of a gain or loss on realization? $ b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How...
QUESTION 27 Which of the following is TRUE of a liquidation of a partnership? The remaining...
QUESTION 27 Which of the following is TRUE of a liquidation of a partnership? The remaining cash after paying all liabilities are paid to the partners based on their profit-and-loss-sharing agreement. It allocates the gain or loss on sale of assets to the partners capital accounts based on the profit-and-loss-sharing ratio. Dit involves the selling of short-term liquid assets and does not involve the sale of fixed assets. Before a business is liquidated, its books should not be adjusted or...
Statement of Partnership Liquidation 63,600, and $28,200, respectively. Cash, noncash After closing the accounts on Jul...
Statement of Partnership Liquidation 63,600, and $28,200, respectively. Cash, noncash After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are丰44,700, $63,600, and $28,200 respectively. Cash noncash assets, and liabilities total $65,700 $117,600 and $46,800, respectively. Between July 1 and July 29, the noncash assets are sold for $94,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $24,000 and $16,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $30,000 a. What is the amount of a gain or loss on realization? . How should the pain or loss be divided between Hewitt and Patel Hewitt Patel c. How should...
The remaining cash of a partnership (after creditors have been paid) upon liquidation is divided among partners according to their a. drawing balances b. capital balances C. income sharing ratio d. contribution of assets
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,600, $52,200, and $23,100, respectively. Cash, noncash assets, and liabilities total $55,200, $96,600, and $39,900, respectively. Between July 1 and July 29, the noncash assets are sold for $77,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1....
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $10,000 and $12.000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $23,000 a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel C. How should...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $12,000 and $8,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $15,000. a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How should...
QUESTION 27 Which of the following is TRUE of a liquidation of a partnership? The remaining cash after paying all liabilities are paid to the partners based on their profit-and-loss-sharing agreement. It allocates the gain or loss on sale of assets to the partners capital accounts based on the profit-and-loss-sharing ratio. Dit involves the selling of short-term liquid assets and does not involve the sale of fixed assets. Before a business is liquidated, its books should not be adjusted or...
Statement of Partnership Liquidation 63,600, and $28,200, respectively. Cash, noncash After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are丰44,700, $63,600, and $28,200 respectively. Cash noncash assets, and liabilities total $65,700 $117,600 and $46,800, respectively. Between July 1 and July 29, the noncash assets are sold for $94,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss...
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $24,000 and $16,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $30,000 a. What is the amount of a gain or loss on realization? . How should the pain or loss be divided between Hewitt and Patel Hewitt Patel c. How should...
Most questions answered within 3 hours.
-
Cranium, Inc., purchases term papers from an overseas supplier
under a continuous review system. The average...
asked 34 minutes ago -
1- What is the freezing point of pure water (in degrees
Celsius)?
2-
he molar mass...
asked 1 hour ago -
Determine the direction of the force that will act on the charge
in each of the...
asked 1 hour ago -
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 4 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 3 hours ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 4 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 4 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 5 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 6 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 7 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 7 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 8 hours ago