Answer:
Correct answer is d, the assets are sold, liabilities paid and business operations terminated
Explanation:
The partnership liquidation occurs when the day-to-day operation is closed for good. Part of liquidation's process is to sold the partnership's assets and paid all creditors (outside and partners) and divide the excess to the partners based on the profit and loss ratio or if there is still existing obligation to the creditors, the partners will pay it using their personal assets (applicable to general partner only). This stage, the life of the partnership ceased to exist.
Answer:
$2,000
Explanation:
Payment include repayment of Capital Amount and Payment of Interest expense
Therefore the balance in the Instalment Note Payable account after making the first annual payment is
Answer: an apple is a fruit that grows from trees
Explanation:
At a job shop like Home Depot it shows how they look like in person
Answer:
loss of $1,200
Explanation:
Depreciation is the systematic allocation of cost to an asset. it is given as
Depreciation = (cost - salvage value)/useful life
When an asset is sold at an amount lower than its carrying or net book value, a loss on sale/disposal is recognized otherwise, a gain on disposal. The netbook value is the cost less accumulated depreciation.
Depreciation = ($33,000 - $4,000)/5
= $5800
Netbook value at disposal = $33,000 - $5800
= $27,200
Gain/(loss) on disposal = $26,000 - $27,200
= ($1,200)
