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suppose the partnership of Lauren, Alsop, and Brock liquidates by selling all noncash assets for $87,000. Complete the liquidation schedule. cash Noncash assets Liabilities A
suppose the partnership of Lauren, Alsop, and Brock liquidates by selling all noncash assets for $87,000. Complete the liquidation schedule.
| cash | Noncash assets | Liabilities | A (60%) | B (20%) | C (20%) | |
| Balance before sale of assets | 14400 | 99000 | 28400 | 46000 | 25000 | 14000 |
| Sale of assets sharing of gain | 159000 | (99000) | 36000 | 12000 | 12000 | |
| Balances | 173400 | 0 | 28400 | 82000 | 37000 | 26000 |
| payment of liabilities | (28400) | (28400) | ||||
| balances | 145000 | 0 | 0 | 82000 | 37000 | 26000 |
| payment of cash to partners | (145000) | (82000) | (37000) | (26000) | ||
| final balance | 0 | 0 | 0 | 0 | 0 | 0 |
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The Operational Auditing Handbook Auditing Business And IT Processes
Authors: Andrew Chambers, Graham Rand
2nd Edition
0470744766, 978-0470744765
