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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The answer is either B or C. I think it may be C.
Answer:
B. $489,600
Explanation:
The computation of thee gross profit is shown below:
= Net sales - Net cost of goods sold
where,
Net sales = Total sales - sales return
= $850,000 - $34,000
= $816,000
Net cost of goods sold = Cost of goods sold - merchandise return
= $340,000 - $13,600
= $326,400
Now put these values to the above formula
So, the value would be equal to
= $816,000 - $326,400
= $489,600
It is FALSE that John's employer has the right to require his attendance at the employer's weekly lunchtime prayer group.
The lunchtime prayer is not a workplace activity because John has the right to use his lunchtime. John could sue for religious discrimination. There is a guarantee of religious freedom. Therefore, John's employer lacks the right to require him to attend the lunchtime prayer.
Thus, it is FALSE for his employer to require John to attend the lunchtime prayer.
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