Elise,Farrah,and Gina are liquidating their business.They share income and losses in a 2:3:1 ratio,respectively,and currently have capital balances of $60,000,$42,000,and $78,000,respectively.In addition,the partnership has $30,000 in cash,$50,000 in accounts payable,and $200,000 in noncash assets.Elise and Gina are personally solvent,but Farrah is not.Assuming that the noncash assets are sold for $92,000,prepare all liquidation entries in the journal provided.(Omit explanations.)

Question

Quizplus · Accepted Answer

The Answer of Elise,Farrah,and Gina are liquidating their business.They share income and losses in a 2:3:1 ratio,respectively,and currently have capital balances of $60,000,$42,000,and $78,000,respectively.In addition,the partnership has $30,000 in cash,$50,000 in accounts payable,and $200,000 in noncash assets.Elise and Gina are personally solvent,but Farrah is not.Assuming that the noncash assets are sold for $92,000,prepare all liquidation entries in the journal provided.(Omit explanations.)

Elise,Farrah,and Gina Are Liquidating Their Business