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Which of the following is an incorrect step in the process of partnership liquidation? A. Paying any liabilities B. Closing all accounts payable C. Allocating gains and losses to partners D. Selling the assets
Question|Asked by cweasterling
Asked 7/22/2016 12:08:40 PM
Updated 7/22/2016 2:32:41 PM
1 Answer/Comment
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User: Which of the following is an incorrect step in the process of partnership liquidation? A. Paying any liabilities B. Closing all accounts payable C. Allocating gains and losses to partners D. Selling the assets

Weegy: The right answer is, Option B. B. Allocating gains & losses to partners. In a partnership firm, the partners have unlimited liability.
jigzoe1|Points 11|

User: A statement of partner’s equity is the same as a statement of owner’s equity except that A. there’s a capital account for all partners. B. net income is assigned to one partner. C. no additional investments by partners are shown on the statement. D. There’s no difference in the statements.

Question|Asked by cweasterling
Asked 7/22/2016 12:08:40 PM
Updated 7/22/2016 2:32:41 PM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by jeifunk [7/22/2016 2:32:41 PM]
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An incorrect step in the process of partnership liquidation is - Closing all accounts payable.
Added 7/22/2016 2:32:40 PM
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Questions asked by cweasterling
The entry to record the distribution of the stock dividend would include
Question|Asked by cweasterling
Updated 81 days ago|7/1/2020 12:49:52 PM
1 Answer/Comment
The entry to record the declaration of a common stock dividend would include: A debit to Stock Dividends.
Added 81 days ago|7/1/2020 12:49:52 PM
This answer has been confirmed as correct and helpful.
The sale of assets to liquidate a partnership is called
Question|Asked by cweasterling
Updated 7/22/2016 1:38:52 PM
1 Answer/Comment
The sale of assets to liquidate a partnership is called realization.
Added 7/22/2016 1:38:52 PM
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When the obligations of a partnership can’t be met, each partner is liable for the obligation. This characteristic is called A. limited life. B. unlimited liability. C. limited liability. D. mutual agreement.
Weegy: When the obligations of a partnership can t be met, each partner is liable for the obligation. This characteristic is called unlimited liability. User: David and Daniel formed a partnership. David invested $10,000 in cash; Daniel invested $5,000 in cash and equipment valued at $6,000. The proper entry to record this is which of the following? A. Debit Cash $15,000; debit Equipment $6,000; credit Capital $21,000 B. Debit Cash $15,000; debit Equipment $6,000; credit Accounts Payable $21,000 C. Debit Cash $15,000; debit Equipment $6,000; credit David’s Capital $10,000; and credit Daniel’s Capital $10,000 D. Debit Cash $15,000; debit Equipment $6,000; credit David’s Capital $10,000; and credit Daniel’s Capital $11,000 (More)
Question|Asked by cweasterling
Not Answered
Updated 7/22/2016 1:37:38 PM
0 Answers/Comments
The sale of assets to liquidate a partnership is called A. a sheriff’s sale. B. net profit. C. net liquidation. D. realization.
Weegy: The sale of assets to liquidate a partnership is called realization. User: When the obligations of a partnership can’t be met, each partner is liable for the obligation. This characteristic is called Weegy: When the obligations of a partnership can’t be met, each partner is liable for the obligation. This characteristic is called unlimited liability. (More)
Question|Asked by cweasterling
Expert Answered
Updated 7/22/2016 1:45:53 PM
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Preferred stock that’s given a right to share with the common stock in dividends in excess of a stated preferred dividend rate is called A. nonparticipating. B. participating. C. cumulative. D. noncumulative.
Weegy: If preferred dividends are limited to the stated rate of dividend, the preferred stock is PARTICIPATING. User: The major parts of the Stockholders’ Equity section of the balance sheet are A. Paid-In Capital and Retained Earnings. B. Stock and Retained Earnings. C. Stock, Paid-In Capital, and Retained Earnings. D. Authorized Stock and Preferred Stock. Weegy: In the stockholders equity section of the balance sheet, the cost of treasure stock is deducted from the TOTAL PAID IN CAPITAL AND RETAINED EARNINGS User: If preferred dividends are limited to the stated rate of dividend, the preferred stock is A. noncumulative. B. cumulative. C. participating. D. nonparticipating Weegy: If preferred dividends are limited to the stated rate the stock is said to be nonparticipating. User: Stockholders’ investment appears in A. Paid-In Capital. B. Owner’s Equity. C. Retained Earnings. D. Cash. Weegy: Stockholders’ investment appears in Owner’s Equity. (More)
Question|Asked by cweasterling
Expert Answered
Updated 7/25/2016 6:54:23 AM
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