According to the profit and loss the partnership is liquidated, and the final distribution of partnership cash is made to the partners.
When a partnership is liquidated, how is the final distribution of partnership cash made to the partners? Which of the subsequent statements is actually concerning the accounting for a partnership going via liquidation? within a liquidation, all gains and losses are divided equally among some of the partners.
The partnership comes to a decision to liquidate, the property of the partnership is sold, liabilities are paid off, and any remaining coins are sent to the companions according to their capital account balances.
Liquidating distributions (coins or noncash) are a form of a return of capital. Any liquidating distribution you receive isn't always taxable to you until you recover the basis of your inventory. After the idea of your stock is reduced to zero, you ought to document the liquidating distribution as a capital advantage.
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Answer:
using supplies
Explanation:
An expense can be described as cost incurred by a company in a bid to earn revenue.
When supplies are used no explicit cost is incurred in the process so it doesn't qualify as an expense.
I hope my answer helps you
The correct answer is C.to encourage people to borrow money, hope this helps
Answer:
$54,000
Explanation:
Calculation for What Roxy should report prepaid expenses In its December 31, 20X3, Balance Sheet,
Fire insurance premium (Unexpired) $36,000
($72,000*1/2)
Add Real estate tax prepayment (Unexpired) $18,000
($24,000*9/12)
December 31, 20X3 Prepaid expenses $54,000
($36,000+$18,000)
Therefore In its December 31, 20X3, Balance Sheet, Roxy should report prepaid expenses of:$54,000
