Homework 12-3 The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000...

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Homework 12-3 The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities New Totals Distribution to Part. Final Balances The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash $25,000 Non Cash Accounts Payable Hughes, Capital Igloo, Capital Jones, Capital $165,000 $60,000 $55,000 $35,000 $40,000 $190,000 Liabilities Hughes, C Igloo, C Jones, C $60,000 $55,000 $35,000 $40,000 Homework 12-3 The HIJ Partnership has decided to liquidate their business: Cash $20,000 Other Assets $170,000 Opening Balance Sale of NonCash $190,000 New Totals Pay Liabilities New Totals Distribution to Part. Final Balances The partners share profit and losses 4:2:2. The noncash assets are sold for $85,000. Complete a liquidation schedule. Cash $25,000 Non Cash Accounts Payable Hughes, Capital Igloo, Capital Jones, Capital $165,000 $60,000 $55,000 $35,000 $40,000 $190,000 Liabilities Hughes, C Igloo, C Jones, C $60,000 $55,000 $35,000 $40,000

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To prepare the liquidation schedule for the HIJ Partnership we will follow these steps Start with th... View the full answer