Acctg 101 Fall 2022 Ch 12 Homework Question 3 of 5 View Piles Show Attempt History Current Attempt in Progress edtion. 5.14/25 The partners in Blossom Company decide to liquidate the firm when the balance sheet shows the following Blossom Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $29,900 Notes payable $13.500 Accounts receivable 24,000 Accounts payable 27.500 Allowance for doubtful accounts (1,400) Salaries and wages payable 3,900 Inventory 34.100 A Jamison, capital 32.500 Equipment 20.200 5. Mover capital 20.950 Accumulated depreciation-equipment (5.900) PRoper capital 2.550 $100.900 $100,900 The partners share income and loss 5:32. During the process of liquidation, the following transactions were comple the following sequence. 2 2 Gain or loss on realization was allocated to partners A total of $51.450 was received from converting noncash assets into cash (a) Liabilities were paid in full. P. Roper paid his capital deficiency Cash was paid to the partners with credit balances Your er is paraly