Reference no: EM132581572
Question 1: Below is the post-closing trial balance, prior to liquidation of ABC & Associates. Partners share gains and losses in a 3:2:1 ratio for Adam, Bert, and Collin, respectively. Noncash assets were sold for $60,000. The entry to record the sale would include
Cash$8,000 dr
Accounts receivable 45,000 dr
Equipment 65,000 dr
Accumulated Depreciation - Equipment $35,000 cr
Accounts payable 52,000 cr
Adam, capital 10,000 cr
Bert, capital 8,000 cr
Collin, capital 13,000 cr
Total - $118,000 dr $118,000 cr
Option A: a gain on realization of $15,000.
Option B: a gain on realization of $50,000.
Option C: a loss on realization of $50,000.
Option D: a loss on realization of $15,000.
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