Answer Happy

Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $41,400, $58,800, and $26,100, respectively. Cash, noncash assets, and liabilities total $60,900, $108,900, and $43,500, respectively. Between July 1 and July 29, the noncash assets are sold for $87,300, 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. Prepare a statement of partnership liquidation for the period July 1-29. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter in "0". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Noncash Assets = Liabilities + Cash + Silver (3/6) + Carillo (2/6) + Tingley (1/6) Balances before realization Sale of assets and division of loss. Balances after realization $ $ Payment of liabilities Balances after payment of liabilities $ Cash distributed to partners Final balances $ $ 1000