The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following*:   Able Bower Cramer $10,000 $(5,000) $(15,000) * Deficit shown in

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The partnership of Able, Bower, and Cramer was liquidated. The partners have shared profits and losses in the ratio of 2:4:4. Prior to liquidation, their capital balances were the following*:

 

Able

Bower

Cramer

$10,000

$(5,000)

$(15,000)

* Deficit shown in parentheses

 

Cash totaled $20,000, with liabilities amounting to $30,000. A review of the individual partners' personal financial status reveals the following:

 

Assets

Liabilities

Able

$  5,000

$20,000

Bower

6,000

4,000

Cramer

30,000

20,000

Prepare a worksheet to liquidate the partnership.

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