Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

تمرين 24

The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liqiuidate its business property. A balance sheet drawn up at this time shows the following account balances:

The following transactions occur in liquidating this business:
• Distributed safe capital balances immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation.
• Sold noncash assets with a book value of $80,000 for $48,000.
• Paid all liabilities.
• Distributed safe capital balances again.
• Sold remaining noncash assets for $44,000.
• Paid liquidation expenses of $7,000.
• Distributed remaining cash to the partners and closed the financial records of the business permanently.
Produce a final schedule of liquidation for this partnership.