The Partners of Rand, Kaldor, \& Zane have decided to liquidate thier firm on January 1 st. The balance sheet shows the following: Assets Cash $24,000 Accounts Receivable $14,000 Allowance for Doubtful Accounts ($1,000) Merchandise Inventory $30,000 Equipment \$22,000 Accumulated Amortization, Equipment (\$8000) Total Assets: $81,000 Liabilities Notes Payable $14,000 Accounts Payable $24,000 Wages Payable $2,000 Owner's Equity Rand, Capital $25,000 Kaldor, Capital $12,800 Zane, Capital $3,200 Total Liabilities and Owner's Equity $81,000 The partners share income and losses 5:3:2 (Rand, Kaldor, Zane). During the period of liquidation, the following transactions occured: 1. A total of $48,000 was received from converting non-cash assets into cash. (Hint: total up all noncash assets to determine gain or loss on disposal) 2. Liabilities were paid in full. 3. Cash was paid to the partners. Q4 - Balance Sheet Before Liq After Liq Assets Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Amortization - Equipment \begin{tabular}{|r|r|} \hline 24,000 & \\ \hline 14,000 & \\ \hline1,000 & \\ \hline 30,000 & \\ \hline 22,000 & \\ \hline8,000 & \\ \hline 81,000 & 0 \\ \hline \end{tabular} Liabilities \& Equity Notes Payable Accounts Payable Wages Payable Rand, Capital Kaldor, Capital Zane, Capital