## Question

###### EBook Show Me How Calculator Statement of Partnership Liquidation After dosing the accounts on July 1,...

eBook Show Me How Calculator Statement of Partnership Liquidation After dosing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $30,000, $42,900, and $18,900, respectively, Cash, noncash assets, and liabilities total $47,400, $79,200, and $34,800, respectively. Between July 1 and July 29, the noncash assets are sold for $63,600, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share not 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 defidencies, 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 Cash + Noncash Assets Liabilities + Capital Gold (3/6) + Capital Porter (2/6) + Capital Sims (1/6) Balances before realization Accounting numer teld Sale of assets and division of loss Balances after realization Payment of abilities Balances after payment of liabilities $ Cash distributed to partners Previous Check My Work * 15 2/3/2020 C 4

wu, and A R a nities total $47,400, $79,200, and $34,800, respectively. Between July 1 and July 29, the noncash assets are sold for $63,600, 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 loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "o". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets Liabilities + Capital Gold (3/6) + Capital Porter (2/6) Capital Sims (1/6) Balances before realization Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities $ Cash distributed to partners Final balances Previous Check My Work Email Instructor Save and Exit Submit Assignment for Gra

## Answers

Answer

CashNon Cash AssetsLiabilitiesCapital GoldCapital PortarCapital SimsBalances before realization$47,400 $79,200 $34,800 $30,000 $42,900 $18,900 Sales of assets$63,600 ($79,200) $0 ($7,800) ($5,200) ($2,600) Balances after realization$111,000$0$34,800$22,200$37,700$16,300Payment of liabilities($34,800) $0 ($34,800) $0 $0 $0 Balances after payment of liabilities$76,200$0$0$22,200$37,700$16,300Cash distributed to partners($76,200) $0 $0 ($22,200) ($37,700) ($16,300) Final balances$0$0$0$0$0$0

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