ADV. ACCT CONNECT STAND ALONE
13th Edition
ISBN: 9781266295744
Author: Hoyle
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 15, Problem 1P
To determine
Identify how is final allocation of business assets made to the partners if a
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Choose the correct. If a partnership is liquidated, how is the final allocation of business assets made to the partners?a. Equally.b. According to the profit and loss ratio.c. According to the final capital account balances.d. According to the initial investment made by each of the partners.
In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the...
A.) Safe payments computations.
B.) Partners' profit and loss sharing ratios.
C.) Balances of partners' capital accounts.
D.) Ratio of the capital contributions by partners.
Which financial statement of a partnership reflects the profitability of the business?
A. Statement of Financial Position
B. Statement of Cash Flows
C. Statement of Comprehensive Income
D. Statement of Changes in Equity
Chapter 15 Solutions
ADV. ACCT CONNECT STAND ALONE
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - What is the purpose of a statement of liquidation?...Ch. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - Prob. 8QCh. 15 - What is the purpose of a proposed schedule of...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - A partnership is considering possible liquidation...Ch. 15 - What is a predistribution plan? a. A list of the...Ch. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 19PCh. 15 - The following balance sheet is for a local...Ch. 15 - Prob. 21PCh. 15 - Prob. 22PCh. 15 - Prob. 23PCh. 15 - Prob. 24PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29PCh. 15 - Prob. 30PCh. 15 - Prob. 31PCh. 15 - Prob. 32PCh. 15 - Prob. 33P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- When a partnership dissolves, the first step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partnersarrow_forwardWhen a partnership dissolves, the last step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partnersarrow_forwardA well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax ratearrow_forward
- In a partnership liquidation, the final cash payment to the partners should be made in accordance with the*a. balance of partners' capital accounts.b. partner's profit and loss sharing ratio.c. ratio of the capital contributions by partners.d. safe payment computations.arrow_forwardIf a partnership is liquidated, how is the final allocation of business assets made to the partners? Equally According to the profit and loss ratio. According to the final capital account balances. According to the initial investment made by each of the partners.arrow_forwardThe objective of preparing Income Statement of partnership is: a. To show the interest on capital of each partner b. To show drawings of partnership firm c. To show the capital of each partner d. To show the net profit or loss of partnership firmarrow_forward
- If a partnership is liquidated, how is the final allocation of business assets made to the partners? Multiple Choice According to the initial investment made by each of the partners. According to the profit and loss ratio. Equally. According to the final capital account balances.arrow_forward1) The objective of preparation of income statement of partnership is: a.To show the ratio of capital of partners b.To show how net profit has been distributed among partners c.To show the income and expenses of the partnership firm d.To show the financial position of businessarrow_forwardThe withdrawal of capital by a partner from the business of partnership will be? a. Credited to partners' capital account b. Debited to profit and loss appropriation account c. Debited to partners' capital account d. Credited to profit and loss accountarrow_forward
- In partnership liquidation, the final cash distribution to the partners should be made in accordance with the: a. Partners’ profit and loss sharing ratio b. Balances of the partner’s capital account c. Ratio of the capital contributions by the partners d. Ratio of capital contributions less withdrawals by the partnersarrow_forwardWhich one of the following will be recorded under debit side of the partners' capital account? a. Partner's salary b. Partners' share of profit c. Interest on capital d. Interest on drawingsarrow_forwardThe objective of preparation of income statement of partnership is: a. To show how net profit has been distributed among partners b. To show the financial position of business c. To show the ratio of capital of partners d. To show the income and expenses of the partnership firmarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,