Question
The Martinez & Korniyenko partnership has the following balances on June30, 2018: LOADING... (Click the icon to view thebalances.) Data Table Martinez and Korniyenko Balance
The Martinez & Korniyenko partnership has the following balances on June30, 2018:
LOADING...
(Click the icon to view thebalances.)
Data Table
Martinez and Korniyenko
Balance Sheet
June 30, 2018
Assets
Cash
$12,000
Non-cash Assets
24,000
Total Assets
$36,000
Liabilities
Accounts Payable
$18,000
Partners' Equity
Martinez, Capital
7,000
Korniyenko, Capital
11,000
Total Partners' Equity
18,000
Total Liabilities and Partners' Equity
$36,000
Martinez and Korniyenko share profits 1:1, respectively. Martinez and Korniyenko decide to liquidate the partnership. Journalize the sale of thenon-cash assets for $19,000, the payment of theliabilities, and the payment to the partners.Journalize the allocation of any gain or loss on the sale of thenon-cash assets.(Rec debitsfirst, then credits. Select the explanation on the last line of the journal entrytable.)
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
