Gina and Elizabeth are moving forward with their decision to liquidate Sweet Caffeine. Gina, Elizabeth, and newest partner Hector are moving forward with their decision to liquidate Sweet Caffeine. The profit between the partners is 80:20. Gina and Elizabeth plot 80% and Hector is 20%. Create a liquidation schedule in Excel and discuss the liabilities each partner will be responsible for in Word.

Sweet Caffeine Balance Sheet Bank Account Accounts Receivable Equipment Total Assets As of December 31 ASSETS $3,025 $7,200 $1,200 $11.425 LIABILITIES $300 $4,500 $4.800 OWNER'S EQUITY $6,200 $8.400 $-4.100 $10.500 Accounts Payable Long-term Debt Total Liabilities Capital Retained Earnings Drawing Total Equity