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Answer
| Gold ,Porter ,and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 | ||||||
| Cash + | Non cash Assets = | Liabilities + | Capital Gold (3/6) + | Capital Porter (2/6) + | Capital Sims (1/6) | |
| Balances before realization | $ 63,000 | $ 102,600 | $ 46,500 | $ 39,000 | $ 55,500 | $ 24,600 |
| Sale of assets and division of loss | $ 82,200 | $ (102,600) | $ (10,200) | $ (6,800) | $ (3,400) | |
| Balances after realization | $ 145,200 | 0 | 46500 | $ 28,800 | $ 48,700 | $ 21,200 |
| Payment of liabilities | $ (46,500) | $ (46,500) | ||||
| Balances after payment of liabilities | $ 98,700 | 0 | $ 28,800 | $ 48,700 | $ 21,200 | |
| Cash distributed to partners | $ (98,700) | $ (49,350) | $ (32,900) | $ (16,450) | ||
| Final balance | 0 | 0 | 0 | $ (20,550) | $ 15,800 | $ 4,750 |
| Surplus in final payment | Deficiency in final payment | Deficiency in final payment | ||||
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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership,...
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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 Gold, Porter, and Sims are $41,400, $58,800, and $26,100, respectively. Cash, noncash assets, and liabilities total $67,200, $108,900, and $49,800, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, 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...
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $36,300, $51,600, and $23,100, respectively. Cash, noncash assets, and liabilities total $59,100, $95,700, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $76,500, 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....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $38,400, $54,900, and $24,300, respectively. Cash, noncash assets, and liabilities total $60,000, $101,400, and $43,800, respectively. Between July 1 and July 29, the noncash assets are sold for $81,000, 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....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,800, $36,900, and $16,200, respectively. Cash, noncash assets, and liabilities total $42,000, $68,100, and $31,200, respectively. Between July 1 and July 29, the noncash assets are sold for $54,300, 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....
Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $41,400, $58,800, and $26,100, respectively. Cash, noncash assets, and liabilities total $61,800, $108,900, and $44,400, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, 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....
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 $31,500, $45,000, and $19,800, respectively. Cash, noncash assets, and liabilities total $51,900, $83,100, and $38,700, respectively. Between July 1 and July 29, the noncash assets are sold for $66,300, 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...
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