Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. x and y are equal partners in the xy partnership a

X and Y are equal partners in the XY Partnership and share profits and losses...

80.2K

Verified Solution

Question

Accounting

X and Y are equal partners in the XY Partnership and share profits and losses accordingly. At the end of 20X1, the partnership's capital accounts reflect the following numbers due to a special allocation of depreciation:

Capital X Capital Y

($20,000) $60,000

All the assets are sold for $40,000. How will the liquidation affect X if the special allocation is to be respected? A. X contributes $20,000 and receives $30,000. B. X contributes $20,000 and receives nothing. C. X contributes nothing. D. X receives nothing.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the volume of the cylinder 4m A 748 8 m C 541 04 m...

Geometry
Q

Describe a simple experiment or activity to show that the polarity of emf induced in...

Physics
Q

96 The vectors A B and C are such that A BLIC 21A and A...

Physics
Q

An engineer deposits 1500 per month into an account that pays interest at 6 per...

Basic Math
Q

The given family of functions is the general solution of the differential equation on the...

Basic Math
Q

Flag question In a survey of 100 students the following table represents the number of...

Statistics
Q

A journal entry for a $70 payment for rent expense was posted as a debit...

Accounting
Q

Analyse the Patisserie Valerie (UK) scandal. discuss the themes of the scandal (how it happened),...

Accounting
Q

Direct Materials Purchases Budget Tobins Frozen Pizza Inc. has determined from its production budget the...

Accounting
Q

A $75,000 ARMis offered at 7.75% with monthly payments for 30 years. Future interest rates...

Accounting
Q

Net income was $467,000. Issued common stock for $76,000 cash. Paid cash dividend of $14,000....

Accounting
Q

Morganton Company makes one product and it provided the following information to help prepare the...

Accounting