=+Radcliffe, Sonders, and Towers, who share in income and losses in the ratio of 2:3:5, decided to
Question:
=+Radcliffe, Sonders, and Towers, who share in income and losses in the ratio of 2:3:5, decided to discontinue operations as of April 30, 2010, and liquidate their partnership.
After the accounts were closed on April 30, 2010, the following trial balance was prepared:
Cash Liabilities Noncash Assets Radcliffe
(20%)
Sonders
(30%)
Towers
(50%)
Radcliffe, Sonders, and Towers Statement of Partnership Liquidation For Period May 1–18, 2010
$ 5,900
27,400
$33,300
26,800
$ 6,500
1,900
$ 8,400
8,400
$ 0
$109,900
109,900
$ 0
$ 0
$ 0
$ 0
$26,800
$26,800
26,800
$ 0
$ 0
$ 0
$14,600
16,500
$ 1,900
$ 1,900
1,900
$ 0
$ 0
$27,900
24,750
$ 3,150
$ 3,150
$ 3,150
3,150
$ 0
$46,500
41,250
$ 5,250
$ 5,250
$ 5,250
5,250
$ 0
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