Liquidation schedulepositive capital accounts The ABC partnership reports the following condensed balance sheet:

Cash	$325,000		Liabilities	$400,000
Noncash assets	637,500		Partner A, capital	225,000
			Partner B, capital	225,000
			Partner C, capital	112,500
Total assets	$962,500		Total liabilities and partner capital	$962,500

The partners wish to liquidate the partnership. The noncash assets are sold for $500,000 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

Fill in for the spaces that say "Answer":

	Non-cash				-----Capital Accounts-----
	Cash	Assets	Liabilities		A	B	C
Liquidation Schedule of ABC Partnership:
Capital account, prior to liquidation	Answer	Answer	Answer		Answer	Answer	Answer
Sale of noncash assets	Answer	Answer	Answer		Answer	Answer	Answer
	Answer	Answer	Answer		Answer	Answer	Answer
Payment of creditors	Answer	Answer	Answer		Answer	Answer	Answer
	Answer	Answer	Answer		Answer	Answer	Answer
Distribution to partners	Answer	Answer	Answer		Answer	Answer	Answer
Post-liquidation balances	Answer	Answer	Answer		Answer	Answer	Answer