Instructions Required: 1. Prepare a statement of partnership Aquidation, covering the period November 1-30, for each of the following independent assumptions: a. All of the noncash assets are sold for $155,320 in cash, the creditors are paid, and the remaining cash is clistributed to the partners." b. All of the noncash assets are sold for $54, 720 in cash, the creators are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. *Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boros in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash atributions, clivisions of 1088), uso a minus sign. If there is no amount to be reported for sale of assets, payment of Nabalos, rocopt of deficiency, or cash distribution rows, the col can be doft blank. However, in the balance rows, a balance of zoro MUST be helicated by entering or 2. Assume the partner with the capital dowcy in part (b) dectares bankruptcy and is unable to pay the deficiency. Jourratze the entries on Nov. 30 to (a) allocate the partner's deficiency and (b) distribute the remaining cash. Motor to the Chart of Accounts for exact wording of account ities Instructions Chart of Accounts Labels and Amount Descriptions Statements of Partnership Liquidation 1. a. Prepare a statement of partnership quidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $155.320 in cash, the creditors are part, and the remaining cash is distributed to the partners. Hefer to the lists of Labels and Amount Descriptions for the exact worting of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (binlerce deficiencies, payments, cash buttons, divisions of foss), use a ninus sign. There was no amount to be reported for sale of assets, payment of Rabarties, recope of deficiency, or cash disebuton rows, the col can be ut blank. However, in the balance rows, a balance of 2010 MUST be indicated by entering Sals, Wekh, and Greenberg Statement of Partnership Liquidation Noncash Assets Capital Sails 22/5) Capital, Welch 22/5) Capital Greenberg (1/5) 2 3 Statements of Partnership Liquidation 1. b. Prepare a statement of partnership liquidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $54,720 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. Refer to the lists of Labels and Amount Descnptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (Dinlerce deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, payment of Mabile, rocopt of detailocy, or cash distribution rows, the col can be fer blank However, in the balance rows, a balance of zoro MUST be noteated by entering v. Sails, Welch, and Greenberg Statement of Partnership Liquidation Label Noncash Assets Labutis Capital, Sails (1/5) Capital, Welch (2/5) Capital Greenberg (1/5) 1 4 5 Instructions Required: 1. Prepare a statement of partnership Aquidation, covering the period November 1-30, for each of the following independent assumptions: a. All of the noncash assets are sold for $155,320 in cash, the creditors are paid, and the remaining cash is clistributed to the partners." b. All of the noncash assets are sold for $54, 720 in cash, the creators are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. *Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boros in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash atributions, clivisions of 1088), uso a minus sign. If there is no amount to be reported for sale of assets, payment of Nabalos, rocopt of deficiency, or cash distribution rows, the col can be doft blank. However, in the balance rows, a balance of zoro MUST be helicated by entering or 2. Assume the partner with the capital dowcy in part (b) dectares bankruptcy and is unable to pay the deficiency. Jourratze the entries on Nov. 30 to (a) allocate the partner's deficiency and (b) distribute the remaining cash. Motor to the Chart of Accounts for exact wording of account ities Instructions Chart of Accounts Labels and Amount Descriptions Statements of Partnership Liquidation 1. a. Prepare a statement of partnership quidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $155.320 in cash, the creditors are part, and the remaining cash is distributed to the partners. Hefer to the lists of Labels and Amount Descriptions for the exact worting of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (binlerce deficiencies, payments, cash buttons, divisions of foss), use a ninus sign. There was no amount to be reported for sale of assets, payment of Rabarties, recope of deficiency, or cash disebuton rows, the col can be ut blank. However, in the balance rows, a balance of 2010 MUST be indicated by entering Sals, Wekh, and Greenberg Statement of Partnership Liquidation Noncash Assets Capital Sails 22/5) Capital, Welch 22/5) Capital Greenberg (1/5) 2 3 Statements of Partnership Liquidation 1. b. Prepare a statement of partnership liquidation, covering the period November 1-30. Assume that all of the noncash assets are sold for $54,720 in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners. Refer to the lists of Labels and Amount Descnptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (Dinlerce deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for sale of assets, payment of Mabile, rocopt of detailocy, or cash distribution rows, the col can be fer blank However, in the balance rows, a balance of zoro MUST be noteated by entering v. Sails, Welch, and Greenberg Statement of Partnership Liquidation Label Noncash Assets Labutis Capital, Sails (1/5) Capital, Welch (2/5) Capital Greenberg (1/5) 1 4 5