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The partners in Sheridan Partnership decided to liquidate the partnership on June 30, 2024, when the balances in the partnership's accounts were as follows:
The partners in Sheridan Partnership decided to liquidate the partnership on June 30, 2024, when the balances in the partnership's accounts were as follows: Accounts A. K. D. Accumulated Accounts Wilson, Taylor, Jackson, Item Cash Receivable Equipment Depreciation Payable Capital Capital Capital Balances before $28,800 $24,720 $42,920 liquidation $14,810 $26,680 $37,200 $16,600 $1,150 The partners share profit and loss 5:3:2 for Wilson, Taylor, and Jackson, respectively. Complete the schedule assuming the noncash assets were sold for $52,830, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Item Balances before liquidation Sale of noncash assets Cash 28800 52830 81630 Payment of liabilities (26680) 2120 Allocation of cash (2120) (A Accounts Receivable 24720 (24720) 0 0 6 Equipment 42920 (42920) Complete the schedule assuming the noncash assets were sold for $52,830, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Equipment Accumulated Depreciation 42920 (42920) 14810 (14810) 0 SA Accounts Payable 26680 A. Wilson, Capital 37200 (26415) 26680 10785 (26680) 10785 (10785) 0 Complete the schedule assuming the noncash assets were sold for $52,830, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Accounts Payable 26680 SA A. Wilson, Capital 37200 + K. Taylor, Capital 16600 D. Jackson, Capital 26680 (26680) 0 (26415) 10785 (15849) 1150 (10566) 751 (9416) 10785 751 (9416) (10785) 0 (751) 0 9416 0
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