Reference no: EM132593051
Question - After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $55,000, $45,000, and $20,000, respectively. Cash, noncash assets, and liabilities total $56,000, $96,000, and $32,000, respectively. Between July 1 and July 29, the noncash assets are sold for $90,000, 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.
How would structure a statement of liquidation?
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How would structure a statement of liquidation
: Cash, noncash assets, and liabilities total $56,000, $96,000, and $32,000, respectively. How would structure a statement of liquidation
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