Statement of Partnership Liquidation After clasing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Parter, and Sims are $39,000, 555,500, and $24,600, respectively. Cash, noncash assets, and liabilities total $63,000, $102,600, and $46,500, respectively. Between July 1 and July 29, the noncash assets are sold for $82,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners 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, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1 29 Noncash Assets Liabilities + Capital Gold (3/6) Cash + Capital Porter (2/6) Capital Sims (1/6) Balances before realization s Sale of assets and division of loss Balances after realzation Payment of labies Balances after payment of labilities Cash distributed to partners QUJDUJ Final balances

Answer rating: 100% (QA)

The Answer is in the image, click to view ... View the full answer