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Piecemeal Realizations and Distributions
Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultaneous, unless the business is sold off as a going concern, i.e. a single unit.The partners may not be willing to wait for such long durations for the process to be complete before receiving their repayments of capital.It is therefore common practice to make interim distributions to partners as soon as a reasonable amount of cash is available. However, all liabilities must have been paid off by the time any distribution is made to a partner.
Analytical Procedures - Substantive tests of financial information that examine relationships among data as a means of obtaining evidence. Such procedures include: (1) comparison o
What is the financial objective of a business A business is created to enhance wealth of its owners. This may come as a surprise, as there are other objectives which a business
petra corporation purchased P4,000 worth of merchandise on account terms 2/10, n?30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice.
Callable Preferred Stock On March 4, 2013, Hein Corporation issues 1,000 shares of $100 par preferred stock for $125 per share. The stock is not callable by the corporation until 3
is it compulsory to give premium for goodwill while entering into a business..
Select two of the following firms: Dole Foods, Campbell Soup, Hershey and Dr. Pepper Snapple. Use the 10-K, annual report and other information to answer the following questions.
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
Cost: - According to the management perspective cost is define as a reduction in the value of assets for to secure benefit or gain. In other words cost is the different expenses
Define the term Limited company- business ownership Limited companies can range in size from quite small to very large. Number of individuals who subscribe capital and become
Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it
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