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Hello, I need some help with my accounting homework. I've missed classes because of a surgery I had done. PR 12-6A Statement of partnership liquidation
Hello, I need some help with my accounting homework. I've missed classes because of a surgery I had done.
PR 12-6A Statement of partnership liquidation OBJ. 4 On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate its partner- ship. The partners have capital balances of $58,000, $72,000, and $10,000, respectively. The cash balance is $32,000, the book values of noncash assets total $128,000, and liabilities total $20,000. The partners share income and losses in the ratio of 2:2:1 Instructions 1. Prepare a statement of partnership liquidation, covering the period November 1-30, a. All of the noncash assets are sold for $156,000 in cash, the creditors are paid, and b. All of the noncash assets are sold for $55,000 in cash, the creditors are paid, the for each of the following independent assumptions: the remaining cash is distributed to the partners. partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partnersStep by Step Solution
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