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robyn forbes
on Nov 15, 2024

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The last step taken in liquidating a partnership is to:

A) sell the assets.
B) divide profits on assets with partners.
C) pay creditors.
D) distribute the remaining cash according to partners' capital balances.

Liquidating a Partnership

The process of terminating a partnership by selling off assets, paying off creditors, and distributing the remaining assets to partners.

Divide Profits

The process of allocating earnings among shareholders, partners, or other stakeholders according to their ownership interests or agreement terms.

Remaining Cash

The amount of cash a business has after all expenses and distributions have been made.

  • Learn the sequence of actions and financial recording necessary for the dissolution of a partnership, highlighting asset liquidation and the settlement of liabilities.
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Melvandy FelixNov 16, 2024
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