The Last Step in a Partnership Liquidation Is to Divide

question 35

True/False

The last step in a partnership liquidation is to divide any remaining proceeds between and among the partners.

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Definitions:

Factory

A building or set of buildings where goods are manufactured or assembled chiefly by machine.

Ending Inventory

The cumulative worth of products on offer for sale when an accounting cycle ends.

Gross Margin

The gap between the income from sales and the expense of goods sold, represented as a proportion of sales income.

Net Sales

The revenue from sales of goods or services after deducting returns, allowances, and discounts.