FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare the final statement of partnership liquidation.

The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: Cash $100,000 Maya, capital (30%) $ 8,000 Nova, capital (20%) (120,000) Oscar, capital (50%) _212,000 Total equity Total assets $100,000 $100,000 The value of partners' personal assets and liabilities on August 1, 2014 were as follows: Maya $148,000 Nova $240,000 $112,000 Oscar Personal assets Personal liabilities 144,000 160,000 120,000
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Transcribed Image Text:The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was as follows: Cash $100,000 Maya, capital (30%) $ 8,000 Nova, capital (20%) (120,000) Oscar, capital (50%) _212,000 Total equity Total assets $100,000 $100,000 The value of partners' personal assets and liabilities on August 1, 2014 were as follows: Maya $148,000 Nova $240,000 $112,000 Oscar Personal assets Personal liabilities 144,000 160,000 120,000
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