The HK Partnership is liquidated when the ledger shows:
Howell and Kenton's income ratios are 3:2, respectively.
Instructions
Prepare a schedule of cash payments, assuming that the noncash assets were sold for $70,000. Assume that any partner's capital deficiencies cannot be paid to the partnership.

Question

The HK Partnership is liquidated when the ledger shows:  
Howell and Kenton's income ratios are 3:2, respectively.
Instructions
Prepare a schedule of cash payments, assuming that the noncash assets were sold for $70,000. Assume that any partner's capital deficiencies cannot be paid to the partnership.

Quizplus · Accepted Answer

The Answer of The HK Partnership is liquidated when the ledger shows:  
Howell and Kenton's income ratios are 3:2, respectively.
Instructions
Prepare a schedule of cash payments, assuming that the noncash assets were sold for $70,000. Assume that any partner's capital deficiencies cannot be paid to the partnership.

The HK Partnership Is Liquidated When the Ledger Shows