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ratement of Partnership Liquidation fter closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,500, 545,000, and $19,800, respectively. Cash, noncash assets, and liabilities total $49,200, $83,100, and $36,000, respectively. Between July 1 and July 29, the noncash assets are sold for $66,300, 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". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Liabilities Capital Gold Capital Porter Capital Sims (1/6) Cash + Assets = (3/6) + (2/6) + Balances before realization $4 Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances %24 %24 %24 69 64 %24 %24 %24 %24 624 %24 64 64 624 64 %24 %24 %24 %24

ratement of Partnership Liquidation fter closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,500, 545,000, and $19,800, respectively. Cash, noncash assets, and liabilities total $49,200, $83,100, and $36,000, respectively. Between July 1 and July 29, the noncash assets are sold for $66,300, 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". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Liabilities Capital Gold Capital Porter Capital Sims (1/6) Cash + Assets = (3/6) + (2/6) + Balances before realization $4 Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances %24 %24 %24 69 64 %24 %24 %24 %24 624 %24 64 64 624 64 %24 %24 %24 %24

FINANCIAL ACCOUNTING
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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ratement of Partnership Liquidation fter closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,500, 545,000, and $19,800, respectively. Cash, noncash assets, and liabilities total $49,200, $83,100, and $36,000, respectively. Between July 1 and July 29, the noncash assets are sold for $66,300, 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". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Liabilities Capital Gold Capital Porter Capital Sims (1/6) Cash + Assets = (3/6) + (2/6) + Balances before realization $4 Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances %24 %24 %24 69 64 %24 %24 %24 %24 624 %24 64 64 624 64 %24 %24 %24 %24
Transcribed Image Text:ratement of Partnership Liquidation fter closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,500, 545,000, and $19,800, respectively. Cash, noncash assets, and liabilities total $49,200, $83,100, and $36,000, respectively. Between July 1 and July 29, the noncash assets are sold for $66,300, 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". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Liabilities Capital Gold Capital Porter Capital Sims (1/6) Cash + Assets = (3/6) + (2/6) + Balances before realization $4 Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances %24 %24 %24 69 64 %24 %24 %24 %24 624 %24 64 64 624 64 %24 %24 %24 %24
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