Home Homework Help Textbooks Test Prep Textbook Answers

Homework Help

Business
Accounting
ch 12 hw fter closing the accounts on july 1...

Question: ch 12 hw fter closing the accounts on july 1...

Question details

CH 12 HW fter closing the accounts on July 1, prior to noncesh assets, and liabilities total $54,600, $87,900, and $40,800, respectively. Between July 1 and July 29, the noncash assets are sold for $70,500, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 31211 the partnership, the capital account balances of Gold, Porter, and Sims are $33,300, $47,400, and $21,000, respectively. Cash, Prepare a statement of partnership negative numbers using a minus sign. If an amount is zero, enter in 0 on for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as 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 realuationO□ □ □ □ Sale of assets and division of los Payment of Sabilities Balarces after perment of labates □ □ □ □ Cash distributed to partners 1 00,000 1000000 00,00,000

Solution by an expert tutor

Blurred Solution

This question has been solved

Subscribe to see this solution