claim the partnership has against a partner. The loss and distribution of that loss to the partner results in a debit balance in a partner's capital account.
company treated as a partnership or sole proprietorship for tax purposes but that limits the liability of its owners
process of paying liabilities, selling assets, and distributing remaining cash and assets to partners during a dissolution of the partnership
first step of liquidating a partnership when the assets of the partnership are sold for cash
measure of how efficient a business is in generating revenue based on the number of employees
equity statement for an LLC used to illustrate the changes in the members' equity accounts during a given period
statement used to illustrate the changes in the partnership capital (equity) accounts during a given period
statement that provides a visual summary of the partnership liquidation