Rob Davis, Stewart Vintu, and Vern Wilson are liquidating their partnership. Before selling the assets and paying

Question:

Rob Davis, Stewart Vintu, and Vern Wilson are liquidating their Before selling the assets and paying the liabilities, the capital balances are Davis $40,000; Vintu, $24,000; and Wilson, $16,000. The profit-and-loss-sharing ratio has been 1:1:2 for Davis, Vintu, and Wilson, respectively. The has $64,000 cash, $38,000 non-cash assets, and $22,000 accounts payable.
Requirements
1. Assuming the sells the non-cash assets for $46,000; record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the of remaining cash to partners.
2. Assuming the sells the non-cash assets for $11,000; record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the of remaining cash to partners.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...