Please answer competely Installment liquidationJon, Sam, and Tad are partners in a fumiture store that began liquidation on January 1. 2016, when theledger contained the following account balances:Debit$ 15,00020,00065,00050,000100,000CreditCashAccounts receivableInventoriesLandBuildingsAccumulated depreciation-buildingsFurniture and fixturesAccumulated depreciation-furniture and fixturesAccounts payableJon capital (20%)Sam capital (30%)Tad capital (50%)$ 40,00050,00030,00080,00040,00060,00050,000$300,000$.300,000The following transactions and events occurred during the liquidation process:JanuaryInventories were sold for $20,000 cash, collections onaccount totaled S14,000, and half of the amount due tocreditors was paid.Land costing $40,000 was sold for S60,000, the remainingland and buildings were sold for $40,000, half of theremaining receivables were collected, and the remainderwas uncollectible.Furniture and fixtures were written ofr. The remainingliabilities were paid, and available cash was distributed tothe partners in final liquidation.FebruaryMarchREQUIRED: Prepare a statement of liquidation for the partnership between Jon, Sam, and Tad,

Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets…

Installment liquidation Jon, Sam, and Tad are partners in a fumiture store that began liquidation on January 1. 2016, when the ledger contained the following account balances: Debit Credit S 15,000 20,000 65,000 50,000 Cash Accounts receivable Inventories Land Buildings Accumulated depreciation-buildings 100,000 $ 40,000 Furniture and fixtures 50,000 Accumulated depreciation-furniture and fixtures Accounts payable Jon capital (20%) Sam capital (30%) Tad capital (50%) 30,000 80,000 40,000 60,000 $300,000 50,000 S300,000 The following transactions and events occurred during the liquidation process: Inventories were sold for $20,000 cash, collections on account totaled $14,000, and half of the amount due to creditors was paid. Land costing $40,000 was sold for S60.000, the remaining land and buildings were sold for $40,000, half of the remaining receivables were collected, and the remainder was uncollectible. Furniture and fixtures were written ofr. The remaining liabilities were paid, and available cash was distributed to the partners in final liquidation. January February March REQUIRED: Prepare a statement of liquidation for the partnership between Jon, Sam, and Tad.

Installment liquidation Jon, Sam, and Tad are partners in a fumiture store that began liquidation on January 1. 2016, when the ledger contained the following account balances: Debit Credit S 15,000 20,000 65,000 50,000 Cash Accounts receivable Inventories Land Buildings Accumulated depreciation-buildings 100,000 $ 40,000 Furniture and fixtures 50,000 Accumulated depreciation-furniture and fixtures Accounts payable Jon capital (20%) Sam capital (30%) Tad capital (50%) 30,000 80,000 40,000 60,000 $300,000 50,000 S300,000 The following transactions and events occurred during the liquidation process: Inventories were sold for $20,000 cash, collections on account totaled $14,000, and half of the amount due to creditors was paid. Land costing $40,000 was sold for S60.000, the remaining land and buildings were sold for $40,000, half of the remaining receivables were collected, and the remainder was uncollectible. Furniture and fixtures were written ofr. The remaining liabilities were paid, and available cash was distributed to the partners in final liquidation. January February March REQUIRED: Prepare a statement of liquidation for the partnership between Jon, Sam, and Tad.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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