Liquidating partnership with capital deficiency Skype and sex dating sites

22-Jul-2020 19:22

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If an amount box does not require an entry, leave it blank. Journalize the entry to distribute the remaining cash.If an amount box does not require an entry, leave it blank.What amount should be recorded in Sandy's (Points : 1),000,000,000,000Question 20.20.A hybrid form of business organization with certain features like a corporation is a(n)(Points : 1)limited liability partnership.limited liability company." S" corporation.sub-chapter " S" corporation.If a partnership is terminated, the assets do not legally revert to the original contributor. Each partner has a claim on assets equal to the balance in the partner's capital account. Sandy will invest a building with a book value of ,000 and a fairvalue of ,000 with a mortgage of ,000.

Each partner had a beginning capital balance of 0,000.

(Points : 1),000,000,000,000Question 5.5. The owners' equity statement for a partnership is called the (Points : 1)partners' proportional statement.partners' capital statement.statement of shareholders' equity.capital and drawing statement. Partners Ana, Beth, and Cathy have capital account balances of ,000 each. In the process of liquidating the partnership, noncash assetswith a book value of ,000 are sold for ,000.

The balance of Beth's Capital account after the saleis (Points : 1),500,500,000,000Question 7.7.

The Salinas-Milliken partnership is terminated when creditor claims exceed partnershipassets by ,000.

Salinas is a millionaire and Milliken has no personal assets.Any remainingnet income or net loss is shared equally.