FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively,
wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. At the date the partnership
ceases operations, the balance sheet is as follows:
Cash
Noncash assets
Total assets
Prepare a final statement
of partnership liquidation.
$ 100,000
Liabilities
200,000 Fred, capital
$ 300,000
George, capital
Total liabilities and
capital
$ 80,000
100,000
120,000
$ 300,000
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Transcribed Image Text:Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets Total assets Prepare a final statement of partnership liquidation. $ 100,000 Liabilities 200,000 Fred, capital $ 300,000 George, capital Total liabilities and capital $ 80,000 100,000 120,000 $ 300,000
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