The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: $100,000 Maya, capital (30%) $ 8,000 Nova, capital (20%) (120,000) Oscar, capital (50%) Total equity Cash 212,000 $100,000 Total assets $100,000 The value of partners' personal assets and liabilities on August 1, 2014 were as follows: Maya $148,000 Nova Oscar $112,000 Personal assets $240,000 Personal liabilities 144,000 160,000 120,000
The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: $100,000 Maya, capital (30%) $ 8,000 Nova, capital (20%) (120,000) Oscar, capital (50%) Total equity Cash 212,000 $100,000 Total assets $100,000 The value of partners' personal assets and liabilities on August 1, 2014 were as follows: Maya $148,000 Nova Oscar $112,000 Personal assets $240,000 Personal liabilities 144,000 160,000 120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please prepare the final statement of
Transcribed Image Text:The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had
been converted into cash and all partnership liabilities were paid. The partnership balance
sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as
follows:
$100,000
Maya, capital (30%) $ 8,000
Nova, capital (20%)
Oscar, capital (50%)
Total equity
Cash
(120,000)
212,000
Total assets
$100,000
$100,000
The value of partners' personal assets and liabilities on August 1, 2014 were as follows:
Маya
$148,000
144,000
Nova
$240,000
160,000
Oscar
$112,000
Personal assets
Personal liabilities
120,000
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