After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $55,000, $45,000, and $20,000, respectively. Cash, noncash assets, and liabilities total $56,000, $96,000, and $32,000, respectively. Between July 1 and July 29, the noncash assets are sold for $90,000, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29, 2014. If an amount is zero, enter in "0".

Gold, Porter, and Sims

Statement of Partnership Liquidation

For the Period July 1-29, 2014

Cash +

Noncash Assets =

Liabilities +

Gold (3/6) +

Porter (2/6) +

Sims (1/6)

Balances before realization

$ Correct 11

$ Correct 12

$ Correct 13

$ Correct 14

$ Correct 15

$ Correct 16

Sale of assets and division of loss

+ Correct 18

Correct 19

Correct 20

Correct 21

Correct 22

Correct 23

Balances after realization

$ Correct 25

$ Correct 26

$ Correct 27

$ Correct 28

$ Correct 29

$ Correct 30

Payment of liabilities

Correct 32

Correct 33

Correct 34

Correct 35

Correct 36

Correct 37

Balances after payment of liabilities

$ Correct 39

$ Correct 40

$ Correct 41

$ Correct 42

$ Correct 43

$ Correct 44

Cash distributed to partners

Correct 46

Correct 47

Correct 48

Correct 49

Correct 50

Correct 51

Final balances

$ Correct 53

$ Correct 54

$ Correct 55

$ Correct 56

$ Correct 57

$ Correct 58