Question
ugust 3, the firm of Chapelle, Rock, and Pryor decided to liquidate its partnership. The partners have capital balances of $52,000, $73,000, and $12,000,
ugust 3, the firm of Chapelle, Rock, and Pryor decided to liquidate its partnership. The partners have capital balances of $52,000, $73,000, and $12,000, ectively. The cash balance is $16,000, the book values of noncash assets total $159,000, and liabilities total $38,000. The partners share income and losses in the of 2:2:1. ired: repare a statement of partnership liquidation, covering the period August 3-29, for each of the following independent assumptions: I of the noncash assets are sold for $213,000 in cash, the creditors are paid, and the remaining cash is distributed to the partners. Enter any subtractions (balance encies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If there is no amount or an amount is zero, enter "0". Chapelle, Rock, and Pryor Statement of Partnership Liquidation Cash + Noncash Assets For Period August 3-201 Liabilities +Capital Chapelle (2/5) Capital Rock (2/5) Capital Pryor (1/5 nces before realization of assets and division of gain nces after realization nent of liabilities nces after payment of liabilities distributed to partners.
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