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After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are 539,000 $55,500, and
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are 539,000 $55,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $60,900, $102,900, and $44,700, respectively. Between July 1 and 29, the noncash assets are sold for $82,500, the liabilities are pald, and the remaining cash is distributed to the partners. The partners share ne income and loss in the ratio of 3:2:1 Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cah datributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount la zero, enter in o". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Cash Noncash Assets Liabilities Silver (3/6) Carillo (2/6) Tingley (1/6) Balances before realization 60,900 102.900 10.200 X 1.800 X 3,400 X Sale of assets and division of loss 82.500 102.900 X 143,400 V 0 X Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners 98.700 0 X Final balances
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