Reference no: EM132945192
Question - The December 31 balance sheet of Frozen Inc., a partnership, appears below. The balance sheet has been condensed by combining all assets other than cash under the caption of Other Assets.
Anna, Elsa, and Olaf share profits in a ratio of 3:2:1 respectively. At the date of the balance sheet the partners decided to liquidate the business.
Frozen Inc. Balance Sheet December 31, 2021
Assets: Liabilities:
Cash $60,000 Accounts Payable $120,000
Other Assets 300,000 Equity: Anna, Capital 100,000
Elsa, Capital 80,000 Olaf, Capital 60,000
Total Assets $360,000 Total Liabilities and Equity $360,000
Each partner has sufficient personal assets to contribute any amount for which she may become liable in the liquidation.
REQUIRED - Prepare general journal entries on December 31, 2021 to record the liquidation of Frozen Inc. Assuming that the other assets are sold for $96,000 cash. (Omit explanations but SHOW ALL CALCULATIONS.)
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