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Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $37,500, $53,400, and $23,700, respectively. Cash, noncash assets, and liabilities total 560,000, 599,000, and $44,400, respectively. Between July 1 and July 29, the noncash assets are sold for $79,200, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0" Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Assets = Liabilities + Capital Gold (3/6) + 96,000 Capital Porter (2/6) + Capital Sims (1/6) Cash + 37,500 Balances before realization Sale of assets and division of loss 61,500 96 IMIO X Balances after realization 146,010 X $ Payment of liabilities 32,000 X Balances after payment of liabilities 114.000 s Cash distributed to partners 114,000 Final balances Feedback Check My Work (a) Remember that the statement of partnership liquidation reflects the accounting equation. Sell the assets and distribute any gain or loss based on the income sharing agreement. (b) Pay liabilities. (c) Distribute any remaining cash based on the capital balances