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". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Assets= Liabilities + Silver (3/6)+ Carillo (2/6) + Tingley (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 Cash +
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". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Assets= Liabilities + Silver (3/6)+ Carillo (2/6) + Tingley (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 Cash +
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject :- Accounting
Transcribed Image Text:MATA D
snip quio
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $42,900, $60,900, and $27,000,
respectively. Cash, noncash assets, and liabilities total $66,900, $112,500, and $48,600, respectively. Between July 1 and July 29, the noncash assets are sold for
$89,700, 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".
Silver, Carillo, and Tingley
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
Cash +
Statement of Partnership Liquidation
For the Period Ending July 1-29
Noncash Assets= Liabilities + Silver (3/6)+ Carillo (2/6) + Tingley (1/6)
DIT
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