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Unformatted text preview: balances after allocation of gain or loss. Partners capital statement (p. H-9) The owners equity statement for a partnership which shows the changes in each partners capital balance and in total partnership capital during the year. Partnership (p. H-1) An association of two or more persons to carry on as co-owners of a business for profit. Partnership agreement (p. H-4) A written contract expressing the voluntary agreement of two or more individuals in a partnership. Partnership dissolution (p. H-2) A change in partners due to withdrawal or admission, which does not necessarily terminate the business. Partnership liquidation (p. H-10) An event that ends both the legal and economic life of a partnership. S corporation (p. H-3) Corporation, with 75 or fewer stockholders, that is taxed like a partnership. Schedule of cash payments (p. H-12) A schedule showing the distribution of cash to the partners in a partnership liquidation....
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.
- Spring '11