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On August 1, 2014, Salt, Pepper, and Spice agree to liquidate their partnership. Salt has a capital balance of $90,000, Pepper has a capital balance of $37,500, and Spice has a capital balance of $30,000. The partners share net income/net loss in a ratio of 4:3:3. Accounts payable amount to $60,000. Assets are shown on the balance sheet at $40,000 of cash and $177,500 of noncash assets. All the noncash assets are sold for $159,500.
Question 1: Prepare entries to sell the noncash assets, pay the liabilities, and distribute the remaining cash to the partners.
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