Reference no: EM132838214
Mary, Helga and Luz are partners who share profits and losses in the ratio of 4:2:2, respectively. The partners decide to liquidate and gave the following balances:
Cash - 400,000
Accounts Receivable- 200,000
Inventories- 800,000
Equipment - 700,000
Accumulated Depreciation- (100,000)
Accounts Payable- 300,000
Notes Payable- 400,000
Mary, Capital- 700,000
Helga, Capital- 400,000
Luz, Capital- 200,000
a) Accounts Receivable were sold for 175,000
b) Inventories were sold for 820,000
c) Equipment were sold for 550,000
d) Liquidation Expenses of 12,000 were paid
Problem a) Prepare the statement of liquidation
Problem b) Journalize a) each sale, b) liquidation expenses paid, c) liabilities paid, and d) cash paid to partners
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