. O'Keefe and J. Kisha combined for a 50/50 partnership in 1980 and continued to do business successfully for many years. In January 2011. J. Kimley offered to contribute a sizable amount of working capital and was accepted as a partner in the business. J. O'Keefe and J. Kisha each own 40% of the business and J. Kimley 20% of the business partnership. Profits and losses are to be shared according to these percentages. Due to the lagging economy and a sudden loss of profits, all three agree to liquidate the business and enjoy a gain on the sale of their major asset, which was purchased in 1981. This should be distributed a. 50% to O'Keefe; 50% to J. Kisha b.40 to J. O'Keefe; 40% to J. Kisha; 20% to J. Kimley c. eually among the three partners at the time of the sale. d. 100% into the partnership dissolution revenue account
. O'Keefe and J. Kisha combined for a 50/50 partnership in 1980 and continued to do business successfully for many years. In January 2011. J. Kimley offered to contribute a sizable amount of working capital and was accepted as a partner in the business. J. O'Keefe and J. Kisha each own 40% of the business and J. Kimley 20% of the business partnership. Profits and losses are to be shared according to these percentages. Due to the lagging economy and a sudden loss of profits, all three agree to liquidate the business and enjoy a gain on the sale of their major asset, which was purchased in 1981. This should be distributed a. 50% to O'Keefe; 50% to J. Kisha b.40 to J. O'Keefe; 40% to J. Kisha; 20% to J. Kimley c. eually among the three partners at the time of the sale. d. 100% into the partnership dissolution revenue account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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J. O'Keefe and J. Kisha combined for a 50/50 partnership in 1980 and continued to do business successfully for many years. In January 2011. J. Kimley offered to contribute a sizable amount of working capital and was accepted as a partner in the business. J. O'Keefe and J. Kisha each own 40% of the business and J. Kimley 20% of the business partnership. Profits and losses are to be shared according to these percentages. Due to the lagging economy and a sudden loss of profits , all three agree to liquidate the business and enjoy a gain on the sale of their major asset, which was purchased in 1981. This should be distributed
a. 50% to O'Keefe; 50% to J. Kisha
b.40 to J. O'Keefe; 40% to J. Kisha; 20% to J. Kimley
c. eually among the three partners at the time of the sale.
d. 100% into the partnership dissolution revenue account
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