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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims

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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $45,000, 563,900, and $28,500, respectively, Cash, noncash assets, and liabilities total $72,000, $118,200, and $52,800, respectively. Between July 1 and July 29, the noncash assets are sold for $94,800, 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 Cash Noncash Assets Liabilities. Capital Gold (3/6) Capital Porter (2/6) Capital Sims (1/6) Balances before realization Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Cash distributed to partners Final balances

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