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Question - 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. Prepare entries to sell the noncash assets, pay the liabilities, and distribute the remaining cash to the partners.
the appliance division of malone manufacturing company reported the following results for 2014sales
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