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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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