Statements of Partnership Liquidatio 1. a. Prepare a statement of partnership Nq

Question

Statements of Partnership Liquidatio 1. a. Prepare a statement of partnership Nquidation, covering the period November 1-30 Assume that al of the noncash assets are sold for $156,660 in cash, the creditors are paid, and the remaining cash is distributed to the partners. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers balance deficiencies payments. Cash distributions, dws ons of loss use a minus signthere is no amount to be r deficency, or cash distribution rows, the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering" reported for sale of assets, payment of liabes, receipt of Sails, Welch, and Greenberg Statement of Partnership Liquidation Label) Cash+ Noncash AssetsLiabltiesCapital SailsCapital, Welch (2/5)+ Greenberg (1/5)

Explanation / Answer

1. a

Sails, Welch and Greenberg

Statement of Partnership Liquidation

for the period November 1-30

1. b

Sails, Welch and Greenberg

Statement of Partnership Liquidation

for the period November 1-30

2. Journal Entries

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Name of Account Debit Credit A. Sails, Capital $2,371 Welch, Capital $2,371 Greenberg, Capital $4,742 B. Sails, Capital $26,205 Welch, Capital $40,635 Cash $66,840

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