Statement of partnership-realization and liquidation

Reference no: EM13133130

On March 1, 20X9, the ABC partnership decides to complete a lump-sum liquidation as soon as possible. The partnership balance sheet prepared on March 1 appears below:

The partners share profits and losses in the ratio of 3:4:3. Partner B is personally insolvent, but partners A and C have sufficient personal assets to satisfy any capital deficits. On March 15, 20X9, the non-cash assets are sold for $550,000. Lump sum payments are made to the partners on March 16, immediately after the creditors have been paid.

Required:

Prepare a statement of partnership realization and liquidation.

Reference no: EM13133130

Questions Cloud

Explain and identify organic compounds in medications : identify organic compounds in medications. determine the structure of one active component and identify three functional groups on each molecule.

What is the maximum wavelength of light : HFC's (hydrofluorocarbons) are replacing CFC's (chlorofluorocarbons) because the C-H and C-F bonds are stronger than C-Cl bonds. If the bond enthalpy of a C-F bond is 482 kJ/mol.

Projecting a vector : Let C^3 be equipped with the standard inner product and Let W be the subspace of C^3 that is spanned by u=(1,0,1) and u2=(1/sqrt3, 1/sqrt3, -1/sqrt 3). Project the vector v=(1,i ,i ) onto W.

Calculate the total bond interest expense over the bonds : Calculate the total bond interest expense over the bonds’ life. Prepare a straight-line amortization table like Exhibit 10.11 for the bonds’ life.

Statement of partnership-realization and liquidation : The partners share profits and losses in the ratio of 3:4:3. Partner B is personally insolvent, but partners A and C have sufficient personal assets to satisfy any capital deficits.

Determining acceleration vector : Find the tangential and normal components of the position vector p(t) =

Find probability that student selected is a sophomore : Given that the student selected is a social science major, what is the probability that she is also a sophomore? Write your responses as fractions.

How much work has been done : A piston has an external pressure of 14.0 torr. How much work has been done if the cylinder goes from a volume of 0.130 liters to 0.530 liters.

Question regarding vectors : Suppose A(3,-1,0) and B(-4,-2,3) are 2 points in 3-space. Find a vector with the following three characteristics: initial point at the origin, collinear but in the opposite direction of vector AB , length 3

User Account

All Pages