After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $41,700, $59,400, and $26,400, respectively. Cash, noncash assets, and liabilities total $67,500, $110,100, and $50,100, respectively. Between July 1 and July 29, the noncash assets are sold for $87,900, 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. 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 "0". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Capital Gold (3/6) + Capital Porter (2/6) + Capital Sims (1/6) Balances before realization $ 67,500 $ 110,100 $ 50,100 $ 41,700 $ 59,400 $ 26,400 Sale of assets and division of loss + 87,900 -110,100 0 -20,850 -19,800 -4,400 Balances after realization $ 155,400 $ 0 $ 50,100 $ 20,850 $ 39,600 $ 22,000 Payment of liabilities -50,100 0 -50,100 0 0 0 Balances after payment of liabilities $ 105,300 $ 0 $ 0 $ 20,850 $ 39,600 $ 22,000 Cash distributed to partners -105,300 0 0 -20,850 -39,600 -22,000 Final balances $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Feedback