Answered: 6. In partnership liquidation the first…

6. In partnership liquidation the first cash distribution should be made for A) partner capital B) loan to bank C) loan to partner D) Liquidation expenses

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 34P

See similar textbooks

Related questions

Q: Below are amounts found in the income statements of three companies. Company Sales Revenue…

A: The net income of the firm is shown on the income statement. It also shows the company's financial…

Q: What is the gain (or loss) from the derecognition of liability?

A: Kochi Company showed the following data with respect to a matured obligation: Notes payable…

Q: Recelved Into store Price paid to suppler Date Unit price Issued to retail outiets units units…

A: Inventory valuation is an accounting method under which the purchase, sale, and ending inventories…

Q: Joseph income from various souces are $ 75500 LTCG is $ 510000 Exemption cannot be $ 180000 Tax rate…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Firsts step…

Q: Monty Corp. reports the following for the month of June. Units Unit Cost Total Cost…

A: GIVEN Monty Corp. reports the following for the month of June. Units Unit Cost…

Q: A stockout rate of R12/unit applies for the short supply of products to the customers. Assist the…

A: Supply from Plant ( Units) Plant-1 1570 Plant-2 1570 Plant-3 1570 Demand from…

Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…

A: A cash budget is a statement of expected cash flows during a particular period in future. It is…

Q: Folsom Company manufactures specialty tools to customer order. There are three producingdepartments.…

A: A departmental overhead rate is a recurring fee based on the unit of activity produced by a…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: example of whe

A: Introduction 1. Enterprise funds 2. Internal service funds

Q: South Dakota Company budgets sales of 22,000 units for January and 30,000 for February. The budgeted…

A: Budgeted production = Total requirements - Beginning inventory Total requirements = Budgeted sales +…

Q: what if your company is being targeted by a SPAC would that be a good thing or a bad thing? What…

A: Here discuss about the importance of the Special Purpose Acqusition company (SPAC) which are…

Q: During December, Moulding Corporation incurred $86,000 of actual Manufacturing Ooverhead costs.…

A: Under applied (overapplied) manufacturing overhead costs = Actual manufacturing overhead costs -…

Q: h of the following is the format of the income statement that is MOST useful in decision-making?…

A: Solution: For the purpose of decision making, we need to have comparison of relevant revenues and…

Q: 1 and 2 es. Anal

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Beamish Inc., which produces a single product, has provided the following data for its most recent…

A: As per absorption costing the unit product cost includes direct material, direct labor, variable…

Q: Transaction: On August 1, the business, Design Thinking Ltd, provided consulting services for a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: arise by ratificatio

A: Agency by Ratification is defined as where someone approves or accepts of some one else's deeds on…

Q: Below are transactions completed by Bijan Sdn Bhd in August 2019. Bijan Sdn Bhd uses the perpetual…

A: Journal entries are the primary step of recording the transaction in the books of account. Journal…

Q: What is the materials quantity variance for the month? $9,940 U $15,351 U $14,484 U

A: Introduction:- The following formula used to calculate Material quantity variance as follows under:-…

Q: MC13 Shoshin, Inc. owns land and building in Manila used for operations and administration. The…

A: Gain on land = fair value of land - cost of land = P2800000 - P2000000 = P800000 Gain on building =…

Q: Question 2 Kerry Furniture Ltd is a firm based in Birmingham. The company is famous for…

A: a. Particulars Amount (£per mattress) Sales 900 Less : Direct material 300 Less: Direct…

Q: Required Prepare journal entries to record the above transactions 1

A: Initial Transaction Translate at the historic rate on 1 Jan 2022 FC200000/1.18 = $169,491 Dr.…

Q: QUESTION 11 planning should be based on the organization's strategic or master plan goals and…

A: Planning is the process of making plans to accomplish the desired goal. Planning is the primary step…

Q: On January 2, 2020, Tuao Company purchased 10% of Abulug Company's outstanding ordinary shares for…

A: Formula: Ending balance = Beginning balance + Net income - Dividends paid.

Q: Which of the following statements is true?a. Job-order costing is used only in manufacturing…

A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…

Q: al interest to have th

A: An annuity is used in case of a future annuity – suppose an equal sum of money is invested in the…

Q: Hummer Company uses manufacturing cells to produce its products (a cell is a manufacturingunit…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: On July 1, Runner's Sports Store paid $9,000 to Acme Realty for 6 months' rent beginning July 1 and…

A: Rent expense for the period = Total amount of rent paid x no. of months expired / Total period for…

Q: any

A: Initial Transaction Translate at the historic rate on 1 Jan 2022 FC2000001.18 = $169,491

Q: Turner plc is considering whether to buy a machine costing K100,000 through a three-year loan with…

A: Decision-making between buying with a loan and leasing out can be done by making a comparison of NPV…

Q: Assume that motor vehicle purchased for RM 80,000 on January 2015 and depreciated at 20% per year…

A: Depreciation is used to denote a decrease in the value of assets, this term is used to denote a…

Q: Marigold Corp. unadjusted trial balance includes the following balances (assume normal balances):…

A: In this question, we will calculate the amount of bad debt expense in the company record .

Q: The amount shown for "Employee salaries and wages" in the planning budget for March would have been…

A: Total employees' salaries and wages = Fixed element + Variable element The fixed element does not…

Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…

A: Accounts Receivables: Accounts receivables indicates the amounts which a company has still get to…

Q: Journalize the entry to record the purchase of materials in April. If an amount box does not require…

A: The question is based on the concept of Financial Accounting.

Q: ries which has low rate of tax collection, what will be its e

A: Tax collection are the important source of income for any government and government spending depends…

Q: Optima Company is a high-technology organization that produces a mass-storage system. Thedesign of…

A: Budget is the quantitative course of action for future period of time. Budgets are the forecasts or…

Q: March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Industry A consists of four firms, each of which has an equal share of the market. a. Compute the…

A: Herfindahl Hirschman Index (HHI)is a market concentration measure that is helpful in analyzing the…

Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…

A: A cash budget is prepared by the management to determine the possible change in their flow of cash…

Q: Industry experts estimate that 80-90 percent of data in an organization is part-structured…

A: Solution:- Industry Experts:- Industry experts are essentially forefront leaders or influential…

Q: Bisby Company manufactures fishing rods. At the beginning of July, the following informationwas…

A: Calculation of Direct Materials used in Production Amount (In $) Direct Materials…

Q: Flora Inc. reported the following information: Net income: $640,000 Depreciation expense: $79,000…

A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements.…

Q: tep by Step Solution All Parts

A: We will have to determine the final net price that a buyer will have to pay after all discounts and…

Q: Job-Order Costing versus Process Costinga. Auto manufacturingb. Dental servicesc. Auto repaird.…

A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…

Q: Colon Transportation, Inc. was formed to provide bus services for a fee to public and private…

A: Date Account PR Debit Credit 1-Jul Cash 42,000 Service Revenue…

Q: wahid had earned income of $250000 in 2020. wahid's pension adjustment was $12000. how much can…

A: Answer:- RRSP Meaning:- In Canada, a registered retirement savings plan, often called as a…

Q: Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as…

A: Traceable fixed costs are costs which the company is able to allocate to department or segment.…

Q: Exercise 6-9 (Algo) Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1,…

A: The question is related to Marginal Costing and Absorption Costing. The details are given regarding…

Concept explainers

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.

Question

6.
In partnership liquidation the frst cash distribution should be made for
A) partner capital
B) loan to bank
C) loan to partner
D) Liquidation expenses

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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

In partnership liquidation the first cash distribution should be made for Select one: a. loan to bank b. partner capital c. loan to partner d. Liquidation expenses 000
In partnership liquidation the first cash distribution to the partner should be made in accordance with the Select one: a. Ratio of the capital contribution by partners b. Balances of partners' capital accounts c. Partners profit &loss ratios d. Safe payment schedule
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 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.
In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the?
What is a predistribution plan? Choose the correct.a. A list of the procedures to be performed during a liquidation.b. A guide for the cash distributions to partners during a liquidation.c. A determination of the final cash distribution to the partners on the settlement date.d. A detailed list of the transactions that will transpire in the reorganization of a partnership.
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.
Prepare a Statement of Partnership Liquidation and the entries to record the following:1. Sale of all non-cash assets2. Distribution of gain on realization to the partners3. Payment of the liabilities4. Distribution of cash to the partners
How are safe capital balances computed when preliminary distributions of cash are to be made in a partnership liquidation?
Accounting In the liquidation of a partnership, a loan from a partner a. Will be paid off at the same time as payment of other liabilities of the partnership b. Will be paid off before distribution of cash to partners for their capital investments c. Will be closed to the partner's drawing account d. Will be written off
In a partnership liquidation, a loss from sale of non cash assets is A.Allocated to the partner with the highest capital balance B.Allocated to the partnership liabilities C.Allocated to the partners based on their capital balances D.Allocated to the partners based on their profit and loss sharing ratio
In accounting for the lump-sum liquidation of a partnership, cash payments to partners after all non-partner creditors' claims have been satisfied, but before the final cash distribution should be according toa. the final balances in partner capital accounts.b. the partners' relative share of the gain or loss on liquidation.c. the partners' relative profit and loss sharing ratio.d. safe payment computations.