Problem 12-5B

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1.

FAIRCHILD, LOWES, AND HOWARD

Statement of Partnership Liquidation

For the Period April 10-30, 2014

Capital

Noncash

Fairchild

Lowes

Howard

Cash

+

Assets

=

Liabilities

+

(25%)

+

(25%)

+

(50%)

Balances before realization

a.

Sale of assets and division of loss

Balances after realization

b.

Payment of liabilities

Balances after payment of liabilities

c.

Receipt of deficiency

Balances

d.

Cash distributed to partners

Final balances

2.

a.

b.