RColAVD(20QS 11-15 Partnership liquidation-gain on sale of equipment LO5 excelSam, Andrew, and Mary were partners in Gem Skateboard Company. The partners shared profits and losses 3:2:3, respectively. On April1, 2020, the partnership showed the following account balances just prior to liquidation:Account balances immediatelyprior to liquidation.….........Equipment was sold for $175,000. Prepare the journal entry to record the final distribution of cash.Files to submitSubmit SUAccum.Deprec. Sam, Andrew, Mary,Cash Equipment Equipment Capital Capital CapitalCancel$32,000 $151,000 $36,000 $65,000 $48,000 $34,000

Partnership means where two or more person comes together to run the business and share profit or…

QS 11-15 Partnership liquidation-gain on sale of equipment LO5 eXcel Sam, Andrew, and Mary were partners in Gem Skateboard Company. The partners shared profits and losses 3:2:3, respectively. On April 1, 2020, the partnership showed the following account balances just prior to liquidation: Accum. Deprec. Sam, Andrew, Mary, Cash Equipment Equipment Capital Capital Capital Account balances immediately prior to liquidation......... Equipment was sold for $175,000. Prepare the journal entry to record the final distribution of cash. $32,000 $151,000 $36,000 $65,000 $48,000 $34,000

QS 11-15 Partnership liquidation-gain on sale of equipment LO5 eXcel Sam, Andrew, and Mary were partners in Gem Skateboard Company. The partners shared profits and losses 3:2:3, respectively. On April 1, 2020, the partnership showed the following account balances just prior to liquidation: Accum. Deprec. Sam, Andrew, Mary, Cash Equipment Equipment Capital Capital Capital Account balances immediately prior to liquidation......... Equipment was sold for $175,000. Prepare the journal entry to record the final distribution of cash. $32,000 $151,000 $36,000 $65,000 $48,000 $34,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 9SPB

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