Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the
Question:
Statement of Partnership Liquidation
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $77,700, $51,800, and $25,900, respectively. Cash, noncash assets, and liabilities total $72,500, $124,200, and $41,300, respectively. Between July 1 and July 29, the noncash assets are sold for $116,400, 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".
| Silver, Carillo, and Tingley | ||||||
| Statement of Partnership Liquidation | ||||||
| For the Period July 1-29 | ||||||
| Cash + | Noncash Assets = | Liabilities + | Silver (3/6) + | Carillo (2/6) + | Tingley (1/6) | |
| Balances before realization | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 |
| Sale of assets and division of loss | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| Balances after realization | $fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
| Payment of liabilities | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 |
| Balances after payment of liabilities | $fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 | $fill in the blank 28 | $fill in the blank 29 | $fill in the blank 30 |
| Cash distributed to partners | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 | fill in the blank 34 | fill in the blank 35 | fill in the blank 36 |
| Final balances | $fill in the blank 37 | $fill in the blank 38 | $fill in the blank 39 | $fill in the blank 40 | $fill in the blank 41 | $fill in the blank 42 |
Expert Answer:
