Due to several years of losses, the partners of OMML Designes decided to liquidate the partnership....

  

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Due to several years of losses, the partners of OMML Designes decided to liquidate the partnership. The following are the account balances as of December 31, 2023: Cash Equipment Accum DeprecEquipment Accounts Payable Notes Payable Leroy O'Brian, Capital John McKimon, Capital Joey Mack, Capital Franklyons Capital 10,000.00 Balance Dec 31/23 22,500.00 160.000.00 95.000.00 6,200.00 25,000.00 1630000 20,000.00 10.000.00 Salle of Assets Pay Liabilities Balance The equipment was sold for $81,000 on January 1, 2024. The partners share any profit (loss) equally. Required: 1. Complete the schedule. 2. Prepare the liquidation entries. Due to several years of losses, the partners of OMML Designes decided to liquidate the partnership. The following are the account balances as of December 31, 2023: Cash Equipment Accum DeprecEquipment Accounts Payable Notes Payable Leroy O'Brian, Capital John McKimon, Capital Joey Mack, Capital Franklyons Capital 10,000.00 Balance Dec 31/23 22,500.00 160.000.00 95.000.00 6,200.00 25,000.00 1630000 20,000.00 10.000.00 Salle of Assets Pay Liabilities Balance The equipment was sold for $81,000 on January 1, 2024. The partners share any profit (loss) equally. Required: 1. Complete the schedule. 2. Prepare the liquidation entries.

Answer rating: 100% (QA)

To complete the schedule and prepare the liquidation entries for OMML Designes we need to follow the steps outlined in the search resultsStep 1 Sell n... View the full answer