EBK ACCOUNTING, CHAPTERS 1-13
27th Edition
ISBN: 9781337514088
Author: WARREN
Publisher: CENGAGE LEARNING - CONSIGNMENT
expand_more
expand_more
format_list_bulleted
Question
Chapter 12, Problem 3DQ
To determine
It is that form of organization which is owned and managed by two or more persons who invest and share the
To explain: If it is possible for the partners to lose greater amount than the amount invested by them.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Emilio Alvarez and Graciela Zavala joined together to form a partnership. Is it posible for them to lose a greater amount than the amount of their investment in the partnership? Explian.
Two people want to form a partnership and want to transfer business assets into the partnership. They are afraid of tax issues with the transfer what do you tell them?
What is the correct answer to the question?
Chapter 12 Solutions
EBK ACCOUNTING, CHAPTERS 1-13
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 12.1APECh. 12 - Prob. 12.1BPECh. 12 - Prob. 12.2APECh. 12 - Prob. 12.2BPECh. 12 - Prob. 12.3APECh. 12 - Prob. 12.3BPECh. 12 - Prob. 12.4APECh. 12 - Prob. 12.4BPECh. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 12.5BPECh. 12 - Prob. 12.6APECh. 12 - Prob. 12.6BPECh. 12 - Revenue per employee Niles and Cohen, CPAs earned ...Ch. 12 - Prob. 12.7BPECh. 12 - Prob. 12.1EXCh. 12 - Prob. 12.2EXCh. 12 - Prob. 12.3EXCh. 12 - Prob. 12.4EXCh. 12 - Prob. 12.5EXCh. 12 - Prob. 12.6EXCh. 12 - Prob. 12.7EXCh. 12 - LLC net income and statement of members equity...Ch. 12 - Prob. 12.9EXCh. 12 - Prob. 12.10EXCh. 12 - Prob. 12.11EXCh. 12 - Prob. 12.12EXCh. 12 - Prob. 12.13EXCh. 12 - Prob. 12.14EXCh. 12 - Prob. 12.15EXCh. 12 - Prob. 12.16EXCh. 12 - Statement of members' equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Prob. 12.20EXCh. 12 - Prob. 12.21EXCh. 12 - Liquidating partnershipscapital deficiency...Ch. 12 - Prob. 12.23EXCh. 12 - Prob. 12.24EXCh. 12 - Prob. 12.25EXCh. 12 - Revenue per professional staff The accounting firm...Ch. 12 - Revenue per employee Superior Cleaning Services,...Ch. 12 - Prob. 12.1APRCh. 12 - Prob. 12.2APRCh. 12 - Prob. 12.3APRCh. 12 - Prob. 12.4APRCh. 12 - Prob. 12.5APRCh. 12 - Prob. 12.6APRCh. 12 - Prob. 12.1BPRCh. 12 - Prob. 12.2BPRCh. 12 - Prob. 12.3BPRCh. 12 - Prob. 12.4BPRCh. 12 - Prob. 12.5BPRCh. 12 - Statement of partnership liquidation On August 3,...Ch. 12 - Prob. 12.1CPCh. 12 - Prob. 12.3CPCh. 12 - Prob. 12.4CP
Knowledge Booster
Similar questions
- The partnership obtained a profit for the period. Salaries were distributed, and so are the interests on beginning capital balances. The next step to be done is to provide bonus to one of the partners. After calculating the bonus and had it given to the partner, the net income became insufficient. What should be done regarding this matter? a. Continue to provide the bonus and the insufficiency should be divided among the partners. b. The bonus should not be given anymore, and the remaining balance to be divided among the partners. c. The whole amount of profit should be divided among the partners equally. d. None of the given.arrow_forwardSulaiman and Yousuf are partners who contribute in cash and Yousuf's contribution as land. If the contribution of Sulaiman is undervalued then what will be the action decision of partners towards such contribution ? None of the options Sulaiman need not pay the undervalue Sulaiman's share of profit will be reduced Sulaiman need to pay the undervalue as contributionarrow_forwardK is a capitalist partner. In the articles of partnership, it was provided that K’s duty was to provide capital only. One day, K was asked to assist the accountant of the partnership so that they can immediately pay the taxes on time. Among the rights of a partner, what can K avail to get payment for the extra hours of work for the partnership? Right to share in the profits None of the above Right to return of capital Right to compensationarrow_forward
- When a partner withdraws from a partnership and the value of the assets paid tothe partner by the partnership is greater than the balance in his capital account, thepartnership is, in effect, paying the withdrawing partner a bonus. TRUE OR FALSE?arrow_forwardOur topic is about partnership dissolution.What is the total capital balance after retirement of Marlin?What is the capital balance of Marvin after retirement of Marlin?What is the capital balance of Martin after retirement of Marlin?Thank you!!!arrow_forwardA, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. Partnership profit and loss ratio will change. d.There is no need to revise the partners’ equity.arrow_forward
- A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? O There is no need to revise the partners' equity. O Partners' equity in total amount will not change. O Partnership assets will remain the same. O Partnership profit and loss ratio will change.arrow_forwardA, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. There is no need to revise the partners’ equity. d. Partnership profit and loss ratio will change.arrow_forwardOrosco is an industrial partner. Besides his services, he also contributed capital to the partnership. There is no agreement as to the distribution of profits or losses. The share of Orosco in the profit is a. to be determined by the remaining partners. b. combination of c and d below. c. pro-rata to his contribution. d. such share as may be just and equitable under the circumstances.arrow_forward
- Choose the response that correctly completes the following sentence about an individual partner's outside basis in a partnership. A partner's outside basis: Can be less than zero. Does not change as long as the partner maintains their partnership interest. Is used to apply the basis limitation to losses from a partnership. Must be tracked by the partnership.arrow_forwardfile a case against a partnership, without impleading the partners and the partnership is then held liable by the court, will the partners' If you personal assests be also held liable, if the partnerships assets are insufficient?arrow_forward2. A deficient and insolvent partner will still have a chance to receive cash from the partnership if Group of answer choices There is a loan payable to him which is higher than the deficiency and insolvency of the partner. There is a loan payable to him which is higher than his capital deficiency. If he makes additional investment. If the other partners will absorb his deficiency.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College