advanced accounting

Project Description:

john, jake, and joe are partners with capital accounts of $90,000, $78,000, and $64,000 respectively.
they share profits and losses in the ratio of 30:40:30. when the partners decide to
liquidate, the business has $70,000 in cash, noncash assets totaling $260,000, and $98,000 in
liabilities. the noncash assets are sold for $270,000, and the creditors are paid.
required:
a. prepare a schedule of partnership liquidation.
b. prepare journal entries to record each of the following transactions.
(1) the sale of the noncash assets.
(2) the payment to the creditors.
(3) the distribution of cash to the partners.


the cpa partnership operated by cook, parks, and argo is being liquidated. a balance sheet
prepared at this stage in their liquidation process is presented below.
cash $40,000 liabilities $25,000
other assets 50,000 parks, loan 10,000
cook, capital 30,000
parks, capital 10,000
argo, capital 15,000
total $90,000 total $90,000
the partners share profits and losses 30% (cook), 50% (parks), and 20% (argo). the partners
are all personally insolvent.
required:
a. the partners wish to distribute the $40,000 in cash. record in journal entry form the distribution
of the available cash.
b. record in journal entry form the completion of the liquidation process, assuming that
the other assets of $50,000 are sold for $15,000.
Skills Required:
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Price Type: Negotiable

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