Ch 15 LS

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Angela, Barb, and Chris have decided

the first $20,000 should be paid to Chris

During a partnership liquidation, credits

gains on sales of partnership assets

Distributing cash to partners over time

liquidation made in installments

The parties most interested in the financial information

partners and creditors

Liquidation expenses are allocated to

partners' relative profit and loss ratios

The doc prepared by accountants at the start of a liquid

predistribution plan

Gains and losses incurred from the sale of assets

recorded directly

After liquidating all partnership assets and paying

reduce each partner's capital

The amount that can be distributed ... to as a ___ payment.

safe

When making distributions of cash to partners ... maintain a ___

safe

When a partner has a negative balance (deficit)

the partner to make a capital contribution

Gains and losses on the sale of assets

to keep track

A proposed sch of liquidation __ __

total losses

The partner with the smallest

who is least likely to receive

Partners A, B, and C share

80%

A predistribution plan indicates

-the amount -the order

Two partners (a & b) have equal balances in their capital

60%

A preliminary distribution of cash ... personally ___.

insolvent

Only those partners w/a capital balance that is large enough ... future ___ will

losses

During a partnership liquidation, debits

losses on sales of partnership assets

A partnership's accountant determines that Partner A has a "maximum

not receive

One reason why partners

-partners -the partnership is not successful enough

The amount of cash that can be safely

-partners are personally -no cash

Two partners (x & y) have equal balances in their capital accounts

45%

A statement of partnership liquidation discloses

liquidation transaction already carried out

In preparing a proposed sch of liquidation, the accountant

maximum

The procedures involved in terminating

selling partnership

In preparing a proposed schedule of liquidation,

the results of transactions

A statement of partneship liquidation discloses

-partnership -current -assets

The procedures involved in terminating

-using cash from -using cash from

Preparation of a proposed schedule

not make any cash contribution

A single plan drawn up at the beginning of a liquidation ... a __ plan.

predistribution

Preparation of a proposed schedule of liquidation

cannot be sold for cash

Partners' relative profit & loss are used

-gains on sales -liquidation

A statement of partnership liquidation

-individual partners' capital accounts -partnership cash -partnership liabilities

In addition to accounting for the transaction that transpire

-might be asked -should work

A partnership has four partners, two of whom have negative

all of the other

Dividing a partner's capital balance by their profit and loss ___

maximum

In preparing a proposed schedule of liquidation,

based on their relative profit loss ratios

When other partners are unable to recover any part of an insolvent

debited for each partner's share of deficit

The procedures involved in terminating and liquidating a partnership include

distributing partnership


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