Homework Help is Here – Start Your Trial Now!
Business
Accounting
Statement of Partnership Liquidation After dosing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,800, $45,300, and $20,100, respectively. Cash, noncash assets, and liabilities total $47,400, $84,000, and $34,200, respectively. Between July 1 and July 29, the noncash assets are sold for $67,200, 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 Capital Porter (2/6) + Capital Sims (1/6) Noncash Assets Liabilities Capital Gold (3/6) Cash + 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 1000000,

Statement of Partnership Liquidation After dosing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,800, $45,300, and $20,100, respectively. Cash, noncash assets, and liabilities total $47,400, $84,000, and $34,200, respectively. Between July 1 and July 29, the noncash assets are sold for $67,200, 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 Capital Porter (2/6) + Capital Sims (1/6) Noncash Assets Liabilities Capital Gold (3/6) Cash + 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 1000000,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please answer all parts thx
Statement of Partnership Liquidation After dosing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,800, $45,300, and $20,100, respectively. Cash, noncash assets, and liabilities total $47,400, $84,000, and $34,200, respectively. Between July 1 and July 29, the noncash assets are sold for $67,200, 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 Capital Porter (2/6) + Noncash Assets Liabilities Capital Gold (3/6) Capital Sims Cash + (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 Previous Next Ocx (1).docx Open file docx.docx Show all Open file 3:23 PM 梦 メ 0 a 40) ENG 12/11/2020 no 40 4+ prt sc 144 de %24 & 6. L. 8. back %3D R Y F J K pa V home .. L. 00 ト G
Transcribed Image Text:Statement of Partnership Liquidation After dosing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $31,800, $45,300, and $20,100, respectively. Cash, noncash assets, and liabilities total $47,400, $84,000, and $34,200, respectively. Between July 1 and July 29, the noncash assets are sold for $67,200, 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 Capital Porter (2/6) + Noncash Assets Liabilities Capital Gold (3/6) Capital Sims Cash + (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 Previous Next Ocx (1).docx Open file docx.docx Show all Open file 3:23 PM 梦 メ 0 a 40) ENG 12/11/2020 no 40 4+ prt sc 144 de %24 & 6. L. 8. back %3D R Y F J K pa V home .. L. 00 ト G
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Administration and Procedures
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS