Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70-30 basis. respectively, wish to retire and have agreed to liquidate the business Liquidation expenses are estimated to be $4,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 61,000 200,000 Liabilities Alex, capital Bess, capital Total Liabilities and capital $ 45,500 140,000 75.500 $ 261,000 Total assets $261.000 Part A: Prepare journal entries for the following transactions that occurred in chronological order o. Distributed safe cash payments to the partners. b. Pald $27,300 of the partnership's liabilities C. Sold noncash assets for $215,500 d. Distributed safe cash payments to the partners e. Paid remaining partnership liabilities of $18.200 f. Pald $3.500 in liquidation expenses, no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners Port B: Prepare a final statement of partnership liquidation Complete this question by entering your answers in the tabs below. ng partnership liabilities of $18,200. f. Paid $3,500 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation Complete this question by entering your answers in the tabs below. 27 Required A Required B Prepare journal entries for the following transactions that occurred in chronological order: (Do not round intermediate calculations entry is required for a transaction/event, select "No journal entry required in the first account field.) a. Distributed sale cash payments to the partners b. Paid $27.300 of the partnership's liabilities: c. Sold noncash assets for $215,500. d. Distributed sale cash payments to the partners e. Pald remaining partnership liabilities of $18,200. 1. Pald $3,500 in liquidation expenses no further expenses will be incurred. 9. Distributed remaining cash held by the business to the partners View transaction list Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non-cash Cash Liabilities Alex, Capital Bess, Capital Assets Beginning balances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances
