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Dissolve the HCS Partnership using the following three scenarios: 1. Inventory sells for $100,000 2. Inventory sells for $35,000. Cody can pay his deficit. 3.
Dissolve the HCS Partnership using the following three scenarios: 1. Inventory sells for $100,000 2. Inventory sells for $35,000. Cody can pay his deficit. 3. Inventory sells for $20,000 and Cody cannot pay his deficit. The Balance Sheet of HCS Partnership is as follows: Cash $38,000 Inventory $62,000 Total Assets $100,000 Accounts Payable $16,000 Hayley Capital $40,500 Cody Capital $8500 Sherri Capital $35,000 Total Liabilities & Owner's Equity $100,000 Partners split Income/Loss 4:3:2 respectively. Create all journal entries for the three scenarios to dissolve this partnership. Each dissolution scenario will require a minimum of four entries. T-accounts for tracking are very helpful too
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