The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following: Cash...

 

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The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following: Cash Noncash assets Liabilities Loan Payable to Rogers Rogers, Capital Dennis, Capital Berry, Capital $40,000 80,000 20,000 10,000 35,000 30,000 25,000 The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid S35,000, and the balance of cash was retained pending future developments. Record the journal entry for A) the sale of the noncash assets, B) the payment of outstanding liabilities to the creditors, and C) the payments to the partners. (Extra credit: What does the balance sheet look like after these transactions?- 5 points) The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following: Cash Noncash assets Liabilities Loan Payable to Rogers Rogers, Capital Dennis, Capital Berry, Capital $40,000 80,000 20,000 10,000 35,000 30,000 25,000 The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid S35,000, and the balance of cash was retained pending future developments. Record the journal entry for A) the sale of the noncash assets, B) the payment of outstanding liabilities to the creditors, and C) the payments to the partners. (Extra credit: What does the balance sheet look like after these transactions?- 5 points)