Prior to liquidation, the accounting records of Garcia, Woods, and Mickelson included the following balances and profit-and-loss-sharing

Question:

Prior to liquidation, the accounting records of Garcia, Woods, and Mickelson included the following balances and profit-and-loss-sharing percentages:

The partnership sold the noncash assets for $78,500, paid the liabilities, and disbursed the remaining cash to the partners. Complete the summary of transactions in the liquidation of the partnership. Use the format illustrated in Exhibit 12-5.

Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...