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Required information QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below] The Field, Brown & Snow partnership
Required information QS 12-9 Liquidation of partnership LO P5 [The following information applies to the questions displayed below] The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,700, Brown, $166,500; and Snow. $155,300. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $47,000 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losses and negative capital balances, if any, should be entered with a minus sign.) Initial investments Allocation of gains (losses) Capital balances 1/3 Field Brown 1/3 10 Snow Total $ 0 0 S 0 A
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