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question 9 thank you Statement of Partnership Uquidation After closing the accounts on July 1, prior to liquidating the parthership, the capital account balances of
question 9 thank you
Statement of Partnership Uquidation After closing the accounts on July 1, prior to liquidating the parthership, the capital account balances of Silver, Carillo, and Tingley are $46,200,$65,700, and $29,100, respectively. Cash, noncash assets, and liabilities total $73,800,$121,800, and $54,600, respectively. Between July 1 and July 29 , the noncash assets are sold for $97,200, the llabilities are paid, and the remaining cash is distributed to the partners. The parthers share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divislons of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in " 0 Step by Step Solution
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