tatement 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 $27,300, $38,700, and $17,100, respectively. Cash, noncash assets, and liabilities total $41,400, $71,700, and $30,000, respectively. Between July 1 and July 29, the noncash assets are sold for $57,300, 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". Silver, Carillo, and TingleyStatement of Partnership LiquidationFor the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (1/6) Balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 Sale of assets and division of loss fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Balances after realization $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 $fill in the blank 16 $fill in the blank 17 $fill in the blank 18 Payment of liabilities fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 Balances after payment of liabilities $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 $fill in the blank 29 $fill in the blank 30 Cash distributed to partners fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Final balances $fill in the blank 37 $fill in the blank 38 $fill in the blank 39 $fill in the blank 40 $fill in the blank 41 $fill in the blank 42

tatement 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 $27,300, $38,700, and $17,100, respectively. Cash, noncash assets, and liabilities total $41,400, $71,700, and $30,000, respectively. Between July 1 and July 29, the noncash assets are sold for $57,300, 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". Silver, Carillo, and TingleyStatement of Partnership LiquidationFor the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (1/6) Balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 Sale of assets and division of loss fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Balances after realization $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 $fill in the blank 16 $fill in the blank 17 $fill in the blank 18 Payment of liabilities fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 Balances after payment of liabilities $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 $fill in the blank 29 $fill in the blank 30 Cash distributed to partners fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 Final balances $fill in the blank 37 $fill in the blank 38 $fill in the blank 39 $fill in the blank 40 $fill in the blank 41 $fill in the blank 42

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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 $27,300, $38,700, and $17,100, respectively. Cash, noncash assets, and liabilities total $41,400, $71,700, and $30,000, respectively. Between July 1 and July 29, the noncash assets are sold for $57,300, 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".

Silver, Carillo, and TingleyStatement of Partnership LiquidationFor the Period Ending July 1-29

	Cash +	Noncash Assets =	Liabilities +	Silver (3/6) +	Carillo (2/6) +	Tingley (1/6)
Balances before realization	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3	$fill in the blank 4	$fill in the blank 5	$fill in the blank 6
Sale of assets and division of loss	fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12
Balances after realization	$fill in the blank 13	$fill in the blank 14	$fill in the blank 15	$fill in the blank 16	$fill in the blank 17	$fill in the blank 18
Payment of liabilities	fill in the blank 19	fill in the blank 20	fill in the blank 21	fill in the blank 22	fill in the blank 23	fill in the blank 24
Balances after payment of liabilities	$fill in the blank 25	$fill in the blank 26	$fill in the blank 27	$fill in the blank 28	$fill in the blank 29	$fill in the blank 30
Cash distributed to partners	fill in the blank 31	fill in the blank 32	fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
Final balances	$fill in the blank 37	$fill in the blank 38	$fill in the blank 39	$fill in the blank 40	$fill in the blank 41	$fill in the blank 42

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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.