Question

Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $22,200, $31,800, and $14,100, respectively. Cash, noncash assets, and liabilities total $36,600, $58,800, and $27,300, respectively. Between July 1 and July 29, the noncash assets are sold for $46,800, 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". Gold, Porter, and Sims Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Capital Gold (3/6) + Capital Porter (2/6) + Capital Sims (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

Answer 1