Reference no: EM132503686
The LMN Partnership has decided to liquidate as of October 1, 2020. A balance sheet on that date follows:
LMN Partnership
Balance Sheet
October 1, 2020
Assets
Cash $ 25,000
Accounts Receivable 75,000
Inventory 100,000
Property, Plant & Equipment 300,000
Total Assets $500,000
Liabilities & Capital
Liabilities
Accounts Payable $270,000
Capital
Lawrence, Capital $120,000
Miller, Capital 50,000
Newton, Capital 60,000
Total Capital 230,000
Total Liabilities & Capital $500,000
Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of October 1, 2020, follow:
Lawrence Miller Newton
Personal Assets $250,000 $300,000 $350,000
Personal Liabilities (230,000) (240,000) (325,000)
Personal Net Worth $ 20,000 $ 60,000 $ 25,000
- Lawrence, Miller & Newton share profits & losses in the ratio 20:40:40.
- LMN sold all noncash assets on October 11, 2020, for $260,000.
Question 1: Create a statement of realization and liquidation for the LMN Partnership as of October 11, 2020.
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