ACC442 Module 3 Connect Assignment 3 Chapters... i 14 15 points eBook Print References Mc Graw m Bell, capital Hardy, capital A partnership is considering possible liquidation because one of the partners (Bell) is personally insolvent. Profits and losses are divided on a 4:3:2:1 basis, respectively. Capital balances at the current time are Dennard, capital Suddath, capital $ 86,000 70,000 20,000 94,000 Balances Sale of assets Subtotal Pay liabilities Bell's creditors have filed a $35,000 claim against the partnership's assets. The partnership currently holds assets of $440,000 and liabilities of $170,000. An independent appraiser indicates that the assets can be sold for $260,000. $ $ $ Required: Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partnership assets. Note: Amounts to be deducted should be entered with a minus sign. Cash BELL, HARDY, DENNARD, AND SUDDATH PARTNERSHIP Statement of Partnership Liquidation (Hypothetical) Assets 260,000 260,000 (170,000) Saved 0 $ 440,000 $ 440,000 0 Liabilities

A partnership is considering possible liquidation because one of the partners (Beli) is personally insolvent. Profits and liosses are divided on a 4.321 basis, respectively. Capital balances at the current time are Bell's creditors have flied a $35,000 claim against the partnership's assets. The partnership currently holds assets or $440,000 and liabilities of $170,000. An independent appraiser indicates that the assets can be sold for $260,000. Required: Prepare a statement of partnership liquidation to determine the amount of cash thot Bell would receive from the sale of partnership assets. Note: Amounts to be deducted should be entered with o minus sign. A partnership is considering possible liquidation because one of the partners (Beli) is personally insolvent. Profits and losses are divided on a 4:321 basis, respectively. Capital balances at the current time are Belf's creditors have filed a $35,000 ctaim against the partnership's assets. The partnership currently holds assets of $440,000 and liabilities of $170,000. An independent appraiser indicates that the assets can be sold for $260,000 Required: Prepare a statement of partnership liquidation to determine the amount of cash that Beli would receive from the sale of parthership assets: Note: Amounts to be deducted should be entered with o minus sign