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After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold. Porter, and Sims are $47,400, $67,500, and

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After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold. Porter, and Sims are $47,400, $67,500, and $30.000, respectively. Cash, noncash assets, and liabilities total $70,500, $124,800, and $50,400, respectively. Between July 1 and July 29, the noncash assets are sold for $99.600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 32:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "O". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Liabilities Capital Gold Assets Capital Porter 2/6)+ Capital Sims 1/6) Cash 3/6)+ Balances before realization Sale of assets and division of loss Balances after rea zation Payment of liabilites Balances after payment of Cash distributed to partners Fina balances

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