After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,100, $41,100, and $18,300, respectively. Cash, noncash assets, and liabilities total $43,500, $76,200, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $61,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0". Cash + Balances before realization 43,500 Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Assets = Liabilities + $ 76,200 Silver (3/6) + Carillo (2/6) + Tingley (1/6) $ 31,200 $ 29,100 $ 41,100 $ 18,300 Sale of assets and division of loss 61,200 -76,200 Balances after realization 104,700 0 Payment of liabilities -31,200 0 -31,200 $ 0 0 Balances after payment of liabilities $ 73,500 $ 0 $ 0 $ Cash distributed to partners Final balances 0 0 0 0 0 0
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,100, $41,100, and $18,300, respectively. Cash, noncash assets, and liabilities total $43,500, $76,200, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $61,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0". Cash + Balances before realization 43,500 Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Assets = Liabilities + $ 76,200 Silver (3/6) + Carillo (2/6) + Tingley (1/6) $ 31,200 $ 29,100 $ 41,100 $ 18,300 Sale of assets and division of loss 61,200 -76,200 Balances after realization 104,700 0 Payment of liabilities -31,200 0 -31,200 $ 0 0 Balances after payment of liabilities $ 73,500 $ 0 $ 0 $ Cash distributed to partners Final balances 0 0 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,100, $41,100, and $18,300,
respectively. Cash, noncash assets, and liabilities total $43,500, $76,200, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $61,200,
the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1.
Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of
assets) as negative numbers using a minus sign. If an amount is zero, enter in "0".
Cash +
Balances before realization
43,500
Silver, Carillo, and Tingley
Statement of Partnership Liquidation
For the Period Ending July 1-29
Noncash Assets = Liabilities +
$ 76,200
Silver (3/6) +
Carillo (2/6) +
Tingley (1/6)
$ 31,200
$ 29,100
$ 41,100
$ 18,300
Sale of assets and division of loss
61,200
-76,200
Balances after realization
104,700
0
Payment of liabilities
-31,200
0
-31,200
$
0
0
Balances after payment of liabilities $
73,500
$
0
$
0
$
Cash distributed to partners
Final balances
0
0
0
0
0
0
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