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cash assets, and liabilities total $72,5 Between July 1 and July 29, the noncash asset paid, and the remaining cash is distributed to ome and loss in the ratio of 3:2:1. Prepare a sta e period Jul 1

cash assets, and liabilities total $72,5 Between July 1 and July 29, the noncash asset paid, and the remaining cash is distributed to ome and loss in the ratio of 3:2:1. Prepare a sta e period Jul 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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EX 12-23 Statement of partnership liquidation OBJ. 4,5 After closing the accounts on July 1, prior to liquidating the partnership, the capi- tal account balances of Silver, Carillo, and Tingley are $77,700, $51,800, and $25,900, respectively. Cash, noncash assets, and liabilities total $72,500, $124,200, and $41,300, respectively. Between July 1 and July 29, the noncash assets are sold for $116,400, 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 liqui- dation for the period July 1-29.
Transcribed Image Text:EX 12-23 Statement of partnership liquidation OBJ. 4,5 After closing the accounts on July 1, prior to liquidating the partnership, the capi- tal account balances of Silver, Carillo, and Tingley are $77,700, $51,800, and $25,900, respectively. Cash, noncash assets, and liabilities total $72,500, $124,200, and $41,300, respectively. Between July 1 and July 29, the noncash assets are sold for $116,400, 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 liqui- dation for the period July 1-29.
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