Reference no: EM132968706
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $38,400, $54,300, and $24,300, respectively. Cash, noncash assets, and liabilities total $57,300, $100,800, and $41,100, respectively. Between July 1 and July 29, the noncash assets are sold for $80,400, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1.
Problem 1: Prepare a statement of partnership liquidation for the period July 1-29.
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