Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $46,800, $66,300, and $29,400, respectively. Cash, noncash assets, and liabilities total $69,900, $123,000, and $50,400, respectively. Between July 1 and July 29, the noncash assets are sold for $98,400, 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". 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 + QQQ 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)

Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $46,800, $66,300, and $29,400, respectively. Cash, noncash assets, and liabilities total $69,900, $123,000, and $50,400, respectively. Between July 1 and July 29, the noncash assets are sold for $98,400, 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". 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 + QQQ 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)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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