ent PRINTER VERSION BACK NEXT Problem 12-3A (Part Level Submission) The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the following. CRAWFORD COMPANY Balance Sheet May 31, 2017 Assets Liabilitles and Owners' Equity Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment $29,300 Notes payable 24,600 Accounts payable (1,300) Salaries and wages payable 34,900 A. Jamison, capital 20,600 S. Moyer, capital (5,900) P. Roper, capital $13,500 27,300 3,800 32,500 22,850 2,250 $102,200 Accumulated depreciation-equipment Total $102,200 Total The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed the following sequence. 1. A total of $55,650 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3 Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. (a) 71 Your answer is oartiallv correct. Trv aaan. reolicy 1 2000-2018 Johnyile .Sons.Ins. All Rights Reserved. A Division of 20hnwilexasons.In Version 4.24