Question

CH 12 HW fter closing the accounts on July 1, prior to noncesh assets, and liabilities total $54,600, $87,900, and $40,800, respectively. Between July 1 and July 29, the noncash assets are sold for $70,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 31211 the partnership, the capital account balances of Gold, Porter, and Sims are $33,300, $47,400, and $21,000, respectively. Cash, Prepare a statement of partnership negative numbers using a minus sign. If an amount is zero, enter in "0 on for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Cash+Noncash Assets Liabilities+Capital Gold (3/6)+Capital Porter (2/6) Capital Sims (1/6) Balances before realuationO□ □ □ □ Sale of assets and division of los Payment of Sabilities Balarces after perment of labates □ □ □ □ Cash distributed to partners 1 00,000 1000000 00,00,000

Answer 1

Gold, Porter, and Sims
Statement of Partnership Liquidation
For the Period Ending July 1-29
	Cash +	Noncash Assets =	Liabilities +	Capital Gold (3/6) +	Capital Porter (2/6) +	Capital Sims (1/6)
Balances before realization	54600	87900	40800	33300	47400	21000
Sale of assets and division of loss	70500	-87900	0	-8700	-5800	-2900
Balances after realization	125100	0	40800	24600	41600	18100
Payment of liabilities	-40800	0	-40800	0	0	0
Balances after payment of liabilities	84300	0	0	24600	41600	18100
Cash distributed to partners	-84300	0	0	-24600	-41600	-18100
Final balances	0	0	0	0	0	0