After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $45,600, $65,100, and $28,800, respectively. Cash, noncash assets, and liabilities total $74,700, $120,300, and $55,500, respectively. Between July 1 and July 29, the noncash assets are sold for $96,300, 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".
Hit the LIKE Button.
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $24,300 534,800, and $15,300, respectively. Cash, noncash assets, and liabilities total $36,000, 564,200, and $25,800, respectively. Between July and July 29, the noncash assets are sold for $51,600, 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...
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $25,500, $36,000, and $16,200, respectively. Cash, noncash assets, and liabilities total $38,400, $66,900, and $27,600, respectively. Between July 1 and July 29, the noncash assets are sold for $53,700, 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...
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 $30,300, $43,200, and $19,200, respectively. Cash, noncash assets, and liabilities total $50,100, $80,100, and $37,500, respectively. Between July 1 and July 29, the noncash assets are sold for $63,900, 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 $39,600, $56,100, and $24,900, respectively. Cash, noncash assets, and liabilities total $59,400, $104,100, and $42,900, respectively. Between July 1 and July 29, the noncash assets are sold for $83,100, 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 $23,700, $33,600, and $15,000, respectively. Cash, noncash assets, and liabilities total $36,000, $62,400, and $26,100, respectively. Between July 1 and July 29, the noncash assets are sold for $49,800, 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 $36,000, $51,000, and $22,800, respectively. Cash, noncash assets, and liabilities total $57,300, $94,500, and $42,000, respectively. Between July 1 and July 29, the noncash assets are sold for $75,300, 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 $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....