Answer:
Statement of retained earnings.
Explanation:
The prior period adjustment refers to the adjustment in which there is an accounting error in the previous period and i.e to be reported in past year period but now it would be corrected in the financial statement. This adjustment we called prior period adjustment
Moreover, it should be reported in the statement of retained earnings
Hence, the second last option is correct
Answer:
$ 480 000
Explanation:
Assets : $700 000(@ beginning of year )
$100 000 increase (during year )
700 000+100 000=$800 000(@end of year)
Liabilities : $400 000(@ begininng of year )
$80 000 decrease (@ during of year)
400 000-80 000=$320 000 (@end of year)
Asset = Equity + Liability
Amount of owner’s equity at the end of the year (let x = owners equity)
800 000= x + 320 000
x= 800 000 - 320 000=$480 000
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.
The parol evidence rule has many exceptions, with possibly the most prevalent one being when <u>oral</u> evidence serves to clear up a(n) <u>ambiguous</u> part of an agreement.
More about the parol evidence rule:
The parol evidence rule is a principle of Anglo-American common law that controls the types of evidence that parties to a contract dispute may provide in an effort to ascertain the precise terms of the contract.
The parol evidence rule also prohibits parties who have reduced their agreement to a finalized written instrument from adding further evidence later on as proof of a different intent regarding the contract terms, such as the content of oral exchanges from earlier in the negotiation process.
Learn more about the parol evidence rule here:
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