Statement of Parthership Liquidation After the accounts are closed on April 10, prior to liquidating the parthership, the capital accounts of Zach Fairchild, Aus $45,600,$8,100, and $35,400, respectively. Cash and noncash assets total $12,400 and $89,500, respectively. Amount $12,800. The parthers share income and losses in the ratio of 1:1:2. Between April 10 and April 30 , the noncash assets with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid. Required: 1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative n there is no amount or an amount is zero, enter " 0 ". After the accounts are closed on Apri 10, prior to liquidating the pactner ship, the capitai accounts of Zach Fairchild, Austin Lowes, and Amber Howar Stateimenc of Pantineriahip Logudation $45,600,$8,100, and $35,400, respectively. Cash and noncash assets total $12,400 and 589,500 , respectively, Amounts owed to creditors total \$17,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash as5ets are sold for 547,500, the pad With the capital deficiency nays the deficlency to the partnership, and the llabilities are paid. 1. Prepare a statement of partnershipliquidation, indicating (a) the sale of assets and division of loss, (b) the pavment of liabilites, (c) the receipt Required: the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (balance deficlenctes, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign there is no amount or an amount is zero, enter "0". Statement of Parthership Liquidation After the accounts are closed on April 10, prior to liquidating the parthership, the capital accounts of Zach Fairchild, Aus $45,600,$8,100, and $35,400, respectively. Cash and noncash assets total $12,400 and $89,500, respectively. Amount $12,800. The parthers share income and losses in the ratio of 1:1:2. Between April 10 and April 30 , the noncash assets with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid. Required: 1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative n there is no amount or an amount is zero, enter " 0 ". After the accounts are closed on Apri 10, prior to liquidating the pactner ship, the capitai accounts of Zach Fairchild, Austin Lowes, and Amber Howar Stateimenc of Pantineriahip Logudation $45,600,$8,100, and $35,400, respectively. Cash and noncash assets total $12,400 and 589,500 , respectively, Amounts owed to creditors total \$17,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash as5ets are sold for 547,500, the pad With the capital deficiency nays the deficlency to the partnership, and the llabilities are paid. 1. Prepare a statement of partnershipliquidation, indicating (a) the sale of assets and division of loss, (b) the pavment of liabilites, (c) the receipt Required: the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (balance deficlenctes, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign there is no amount or an amount is zero, enter "0
