263 The KLM Partnership has decided to liquidate their business: 264 Cash $28,000 Accounts Payable $65,000...

Transcribed Image Text:

263 The KLM Partnership has decided to liquidate their business: 264 Cash $28,000 Accounts Payable $65,000 265 Other Assets $180,000 King, Capital $40,000 266 Larson, Capital $86,000 267 Money, Capital $17,000 268 269 $208,000 $208,000 270 The partners share profit and losses 15% for King, 60% for Larson, and 25% for Money. The noncash 271 assets are sold for $120,000. Prepare a liquidation schedule. 272 273 274 275 276 263 The KLM Partnership has decided to liquidate their business: 264 Cash $28,000 Accounts Payable $65,000 265 Other Assets $180,000 King, Capital $40,000 266 Larson, Capital $86,000 267 Money, Capital $17,000 268 269 $208,000 $208,000 270 The partners share profit and losses 15% for King, 60% for Larson, and 25% for Money. The noncash 271 assets are sold for $120,000. Prepare a liquidation schedule. 272 273 274 275 276