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Prepare a statement of partnership liquidation

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Reference no: EM132088135

Problem - After many years of operations, the partnership of Thay, Walter and Carpenter is to be liquidated:

Cash $18,300

Inventory 28,000

Other Assets 75,000

Liabilities $13000

Thay, Capital 35,200

Walter, Capital 39,900

Carpenter, Capital 33,200

Prepare a statement of partnership liquidation for the period July 1, 2016:

a. The sale of noncash assets on July 1 for $94,0000

b. The allocation of any gain or loss to the partners on July 1

c. The payment of liabilities on July 3

d. The distribution of cash to the partners on July 7

Reference no: EM132088135

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