What financial report would be prepared for a partnership that has begun liquidation but has not yet completed the process? What is the purpose of this report?
What will be an ideal response?
The appropriate financial report is a statement of liquidation. The purpose of the statement of liquidation is to report to partners and creditors on the progress of the liquidation to date, summarizing the various transactions that have occurred, showing updated balances of cash, property held, liabilities remaining to be paid, and capital account balances.
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When you're using a direct approach to present a report, use ________; however, ________ will be more effective, if you're using an indirect approach to present a report
A) descriptive headings; informative headings B) structured headings; unstructured headings C) informative headings; descriptive headings D) parallel headings; decorative headings E) structured headings; descriptive headings
____ systems help mainly in record-keeping, employee evaluation, and employee benefits.
A. Accounting B. Financial C. Human resource management D. Marketing
On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the issuance of the bond is:
A. Debit Cash $400,000; debit Discount on Bonds Payable $16,207; credit Bonds Payable $416,207. B. Debit Cash $383,793; debit Premium on Bonds Payable $16,207; credit Bonds Payable $400,000. C. Debit Cash $383,793; credit Bonds Payable $383,793. D. Debit Bonds Payable $400,000; debit Bond Interest Expense $16,207; credit Cash $416,207. E. Debit Cash $383,793; debit Discount on Bonds Payable $16,207; credit Bonds Payable $400,000.
A second will automatically revokes an earlier will if it is wholly inconsistent
a. True b. False Indicate whether the statement is true or false