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Nex and Dess have been in partnership for many years. The partrers, who share proits and iceces on a 60:40 basis, respectively, wish to retire
Nex and Dess have been in partnership for many years. The partrers, who share proits and iceces on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liqucation expenses are estimated to be $8,500. At the date the partnership teaces operations, the balance sheet is as folows: Cash Norcach $ CHOCU Latios Alex sapta 305, capta $ 349,000 Toallisbilies and captal $ 49.300 10.000 131.00 $ 19,00 Tcial scals Part A: Prejuures kor elolowing Transions a. Distributed safe cash payments to the partners b. Paid $29,700 of the partnership's lisbildes c. Sold nanessh asals for $299,500. d. Distributed cash payman to the partners a. Pidhining will be of $10,000 f. Prid 38.700 riidelion experie; no further expenses will be incurred. 9. Distributed remaining cach held by the business to the partners Part B: Prepare a fnal statement ct partnership Iquidation. Complete this question by entering your answers in the tabs below. RA Frepare journal entries for the following transactions: Do nct round intermediate calculations. If no entry is required for a transaction/cvent, select 'No journal entry required in the first account 'ield.) a. Distributed safe cash payments to the partias. b. Paid $20,700 of the partneria's liabilities 6. Sold onces essets for $299,500 d. Distributed safe cash payments to the partners. e. Faid remaining partnership labilities of $19,900. r. Paid $6.700 in liquidation expense; no futher cxpcrses will be incurred. g. Dstributed remaining cash held by the business to the partners. Show less WWE VINS Antry when No Transaction Genars Jouma Debit Credit AH CAN Bak Cil RO 4,400 Cash 11,000 LIH BRANI Cash
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