The partnership of Seymour, Packard, & Malone has experienced operating losses for three consecutive years. The partners-who

Question:

The of Seymour, Packard, & Malone has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of Seymour, 15%; Packard, 60%; and Malone, 25%-are liquidating the business. They ask you to analyze the effects of They present the following condensed at December 31, 2018:
SEYMOUR, PACKARD, & MALONE
Balance Sheet
December 31, 2018

Liabilities Assets $ 28,000 Accounts Payable 120,000 $ 59,000 Cash Non-cash Assets Partners' Equity Seymour, Capital Pac

Requirements
1. Assume the non-cash assets are sold for $150,000. Journalize the liquidation transactions.
2. Assume the non-cash assets are sold for $100,000. Journalize the liquidation transactions?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...