FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

10

When a partnership is liquidated, which of the following statements is FALSE? Non-cash assets are converted to cash. OAny liquidation gain or loss is allocated to the partners' capital accounts using the income and loss sharing ratio. O Liabilities are paid or settled. OAny remaining cash is distributed using the partners' income and loss sharing ratio. Any remaining cash is distributed based on the partners' capital account balances.
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Transcribed Image Text:When a partnership is liquidated, which of the following statements is FALSE? Non-cash assets are converted to cash. OAny liquidation gain or loss is allocated to the partners' capital accounts using the income and loss sharing ratio. O Liabilities are paid or settled. OAny remaining cash is distributed using the partners' income and loss sharing ratio. Any remaining cash is distributed based on the partners' capital account balances.
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