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Hello, I'm only getting have of the question right, I don't where I'm messing up!! Liquidation schedule-positive capital accounts The ABC partnership reports the following
Hello, I'm only getting have of the question right, I don't where I'm messing up!!
Liquidation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet: Cash $243,000 Liabilities $300,000 168,500 168,500 84,000 Total liabilities and partner capital $721,000 Noncash assets 478,000 Partner A, capital Partner B, capital Partner C, capital Total assets $721,000 The partners wish to liquidate the partnership. The noncash assets are sold for $375,000 with the loss distributed to the partners in the ratio of 30%/30%/40% to partner A, B, and C, respectively. The liabilities are paid in full. Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners Round answers to the nearest whole number. Use a negative sign with answers that reduce account balances Liquidation Schedule of ABC Partnership Capital Accounts Noncash Assets Cash Liabilities Capital account, prior to liquidation 243,000 478,000 300,000 168,500 168,50084,000 (101,100) 375,000 (478,000) (101,100) (134,800) Sale of noncash assets 618,000 (50,800) 300,000 67,400 67,400 (300,000) (300,000) Payment of creditors 318,000 (50,800) 67,400 67,400 (318,000) (67,400) (67,400) 50,800 Distribution to partners Post-liquidation balancesStep by Step Solution
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