Question: 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.

Hello, I need some help with my accounting homework. I've missed classes

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 partners

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