Liquidating partnership with capital deficiency alliance people dating


26-Jun-2020 05:30

(Points : 1)0,0000,0005,0005,000Question 14.14. In the liquidation process, if a capital account shows a deficiency (Points : 1)the partner with a deficiency has an obligation to the partnership for the amount of may be written off to a " Loss" is disregarded until after the partnership books are can be written off to a " Gain" account. The partnership agreement of Alix, Gise, and Bosco provides for the following incomeratio: (a) Alix, the managing partner, receives a salary allowance of 8,000, (b) each partner receives15% interest on average capital investment, and (c) remaining net income or loss is divided equally.

Theaverage capital investments for the year were: Alix 0,000, Gise

(Points : 1)$510,000$480,000$555,000$525,000Question 14.14. In the liquidation process, if a capital account shows a deficiency (Points : 1)the partner with a deficiency has an obligation to the partnership for the amount of may be written off to a " Loss" is disregarded until after the partnership books are can be written off to a " Gain" account. The partnership agreement of Alix, Gise, and Bosco provides for the following incomeratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives15% interest on average capital investment, and (c) remaining net income or loss is divided equally.

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(Points : 1)$510,000$480,000$555,000$525,000Question 14.14. In the liquidation process, if a capital account shows a deficiency (Points : 1)the partner with a deficiency has an obligation to the partnership for the amount of may be written off to a " Loss" is disregarded until after the partnership books are can be written off to a " Gain" account. The partnership agreement of Alix, Gise, and Bosco provides for the following incomeratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives15% interest on average capital investment, and (c) remaining net income or loss is divided equally.

Theaverage capital investments for the year were: Alix $600,000, Gise $1,200,000, and Bosco $1,800,000.

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If a partnership is terminated, the assets do not legally revert to the original contributor. Each partner has a claim on assets equal to the balance in the partner's capital account. Sandy will invest a building with a book value of $30,000 and a fairvalue of $42,000 with a mortgage of $15,000.

What amount should be recorded in Brian's capitalaccount?

,200,000, and Bosco

(Points : 1)$510,000$480,000$555,000$525,000Question 14.14. In the liquidation process, if a capital account shows a deficiency (Points : 1)the partner with a deficiency has an obligation to the partnership for the amount of may be written off to a " Loss" is disregarded until after the partnership books are can be written off to a " Gain" account. The partnership agreement of Alix, Gise, and Bosco provides for the following incomeratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives15% interest on average capital investment, and (c) remaining net income or loss is divided equally.

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(Points : 1)$510,000$480,000$555,000$525,000Question 14.14. In the liquidation process, if a capital account shows a deficiency (Points : 1)the partner with a deficiency has an obligation to the partnership for the amount of may be written off to a " Loss" is disregarded until after the partnership books are can be written off to a " Gain" account. The partnership agreement of Alix, Gise, and Bosco provides for the following incomeratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives15% interest on average capital investment, and (c) remaining net income or loss is divided equally.

Theaverage capital investments for the year were: Alix $600,000, Gise $1,200,000, and Bosco $1,800,000.

This site uses cookies to store information on your computer.

Some are essential to make our site work; others help us improve the user experience.

If a partnership is terminated, the assets do not legally revert to the original contributor. Each partner has a claim on assets equal to the balance in the partner's capital account. Sandy will invest a building with a book value of $30,000 and a fairvalue of $42,000 with a mortgage of $15,000.

What amount should be recorded in Brian's capitalaccount?

,800,000.

This site uses cookies to store information on your computer.

Some are essential to make our site work; others help us improve the user experience.

If a partnership is terminated, the assets do not legally revert to the original contributor. Each partner has a claim on assets equal to the balance in the partner's capital account. Sandy will invest a building with a book value of ,000 and a fairvalue of ,000 with a mortgage of ,000.

What amount should be recorded in Brian's capitalaccount?

If there is no amount or an amount is zero, enter "0". Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entry to allocate the partner's deficiency.

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