Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,700, $42,000, and $18,600, respectively. Cash, noncash assets, and liabilities total $45,300, $78,000, and $33,000, respectively. Between July 1 and July 29, the noncash assets are sold for $62,400, 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 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". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29   Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (1/6) Balances before realization $ $ $ $ $ $ Sale of assets and division of loss             Balances after realization $ $ $ $ $ $ Payment of liabilities             Balances after payment of liabilities $ $ $ $ $ $ Cash distributed to partners             Final balances $ $ $ $ $ $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Statement of Partnership Liquidation

After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $29,700, $42,000, and $18,600, respectively. Cash, noncash assets, and liabilities total $45,300, $78,000, and $33,000, respectively. Between July 1 and July 29, the noncash assets are sold for $62,400, 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 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".

Silver, Carillo, and Tingley
Statement of Partnership Liquidation
For the Period Ending July 1-29
  Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (1/6)
Balances before realization $ $ $ $ $ $
Sale of assets and division of loss            
Balances after realization $ $ $ $ $ $
Payment of liabilities            
Balances after payment of liabilities $ $ $ $ $ $
Cash distributed to partners            
Final balances $ $ $ $ $ $
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