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The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are
The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $129,000; Brown, $167,100; and Snow, $155,000. On May 31, the liquidation resulted in a loss of $407,700.
1. Compute the capital account balance of each partner after the loss from liquidation is allocated. (Losses and negative capital balances, if any, should be entered with a minus sign.)
\begin{tabular}{|l|l|l|l|l|l|l|l|} \hline & & Field & Brown & & Snow & Total \\ \hline Initial investments & & & & & & & \\ \hline Loss allocation & & & & & \\ \hline Capital balances & & & & & \\ \hline \end{tabular}
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