Q1. The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following*: Able $10,000 S(5,000) S(15,000) *Deficit shown in parentheses Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following Assets Liab Able Baker Cramer $20,000 4,000 20,000 S 5,000 6,000 30,000 Required: Prepare a worksheet to liquidate the partnership. ANS