Assume the following assets, liabilities, and partners’ equity in the Chang and Lee partnership on December 31, 2014: Assets       =                           Liabilities +                 Chang, Capital +                Lee, Capital $160,000 =                          $10,000    +                    $90,000 +                         $60,000 The partnership has no cash. When the partners agree to liquidate the business, the assets are sold for $120,000, and the liabilities are paid. Chang and Lee share income and losses in a ratio of 3:1. 1. Prepare a statement of liquidation. 2. Prepare journal entries for the sale of assets, payment of liabilities, distribution of loss from realization, and final distribution of cash to Chang and Lee.

The E.N.D. partnership has the following capital balances as of the end of the current year: $ 280,000 240,000 210,000 190,000 $ 920,000 Pineda Adams Fergie Gomez Total capital Answer each of the following independent questions: a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $262,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $305,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.) Capital Balance a. Pineda Adams Gomez b. Adams Fergie Gomez

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 270,000 Adams 240,000 Fergie 230,000 Gomez 220,000 Total capital $ 960,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $269,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $355,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)

The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets hadbeen converted into cash and all partnership liabilities were paid. The partnership balancesheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was asfollows: Cash $100,000 Maya, capital (30%) $ 8,000    Nova, capital (20%)  (120,000)    Oscar, capital (50%)  212,000 Total assets $100,000 Total equity $ 100,000  The value of partners' personal assets and liabilities on August 1, 2014 were as follows:  Maya Nova Oscar Personal assets $148,000 $240,000 $112,000 Personal liabilities  144,000  160,000  120,000  Required:Prepare the final statement of partnership liquidation.