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The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this
| The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: |
| Cash | $ 60,000 | Liabilities | $ 40,000 | ||||
| Noncash assets | 219,000 | Frick, capital (60%) | 129,000 | ||||
| Wilson, capital (20%) | 35,000 | ||||||
| Clarke, capital (20%) | 75,000 | ||||||
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| Total assets | $279,000 | Total liabilities and capital | $279,000 | ||||
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Tips For The New Auditor
Authors: Marty Sturino
1st Edition
1733097813, 978-1733097819
