Question: The partnership of Frick Wilson and Clarke has elected to

The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:

The following transactions occur in liquidating this business:
• Distributed safe capital balances immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation.
• Sold noncash assets with a book value of $80,000 for $48,000.
• Paid all liabilities.
• Distributed safe capital balances again.
• Sold remaining noncash assets for $44,000.
• Paid liquidation expenses of $7,000.
• Distributed remaining cash to the partners and closed the financial records of the business permanently.
Produce a final schedule of liquidation for thispartnership.

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  • CreatedOctober 04, 2014
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