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
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 9SPA
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa9ffbdec-f9ec-4a1d-9070-b3498f8dec3a%2F2d5c77e8-4274-40c1-8633-55733a101a8d%2Fps3olkd.jpeg&w=3840&q=75)
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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