Ch12 - 12 Accounting for Partnerships Chapter STUDY...

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526 Chapter 12 Accounting for Partnerships Scan Study Objectives a Read Feature Story a Read Preview a Read text and answer p. 532 a p. 538 a p. 541 a p. 544 a Work Comprehensive p. 545 a Review Summary of Study Objectives a Answer Self-Study Questions a Complete Assignments a DO IT! After studying this chapter, you should be able to: 1 Identify the characteristics of the partnership form of business organization. 2 Explain the accounting entries for the formation of a partnership. 3 Identify the bases for dividing net income or net loss. 4 Describe the form and content of partnership financial statements. 5 Explain the effects of the entries to record the liquidation of a partnership. The Navigator STUDY OBJECTIVES A The Navigator A DO IT! Feature Story FROM TRIALS TO THE TOP TEN In 1990 Cliff Chenfield and Craig Balsam gave up the razors, ties, and six-figure salaries they had become accustomed to as New York lawyers. Instead, they set up a partnership, Razor & Tie Music (www.razorandtie.com) , in Cliff’s living room. Ten years later, it became the only record company in the country that had achieved success in selling music both on television and in stores. Razor & Tie’s entertaining and effective TV commercials have yielded unprecedented sales for multi-artist music compilations. At the same time, its hot retail label has been behind some of the most recent original, progressive releases from artists such as Kelly Sweet, All That Remains, EndeverafteR, Angelique Kidjo, Ryan Shaw, Dave Barnes, Twisted Sister, Dar Williams, Danko Jones, and Yerba Buena. Razor & Tie may be best known for its wildly popular Kidz Bop CD series, the top-selling children’s audio product in the United States. Advertised on PDF Watermark Remover DEMO : Purchase from www.PDFWatermarkRemover.com to remove the watermark
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527 Nickelodeon, the Cartoon Net- work, and elsewhere, Kidz Bop titles have sold over 7 million copies. Seven of the 11 releases in the series have “gone Gold.” Razor & Tie got its start with its first TV release, Those Fabulous ’70s (100,000 copies sold), followed by Disco Fever (over 300,000 sold). After restoring the respectability of the oft-maligned music of the 1970s, the partners forged into the musical ’80s with the same zeal that elicited success with their first releases. In 1993, Razor & Tie released Totally ’80s , a collection of Top-10 singles from the 1980s that has sold over 450,000 units. Featuring the tag line, “The greatest hits from the decade when communism died and music videos were born,” Totally ’80s was the best-selling direct-response album in the country in 1993. In 1995, Razor & Tie broke into the contemporary music world with Living in the ’90s , the most successful record in the history of the company. Featuring a number of songs that were still hits on the radio at the time the package initially aired, Living in the ’90s was a blockbuster. It received Gold certifica- tion in less than nine months and rewrote the rules on direct-response albums.
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Ch12 - 12 Accounting for Partnerships Chapter STUDY...

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