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1. a.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization
Sale of assets and division of gain
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Cash distributed to partners
Final balances
b.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization
Sale of assets and division of loss
Balances after realization
Payment of liabilities
Balances after payment of liabilities
Receipt of deficiency
Balances
Cash distributed to partners
Final balances
2.
a.
b.
Problem 12-6A
Name:
Section:
Score:
Key Code:
Instructions
0%
[Key code here]
Capital
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SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1–30, 2014
Answers are entered in the cells with gray backgrounds.
Capital
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1–30, 2014
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1. a.
Noncash Sails Welch Greenberg
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
Balances before realization 32,000$ 128,000$ 20,000$ 58,000$ 72,000$ 10,000$
Sale of assets and division of gain 156,000 (128,000) – 11,200 11,200 5,600
Cells with non-gray backgrounds are protected and cannot be edited.
SAILS, WELCH, AND GREENBERG
Statement of Partnership Liquidation
For the Period November 1–30, 2014
Problem 12-6A
Name:
Solution
Section:
Capital
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Cash +Assets =Liabilities +(2/5) +(2/5) +(1/5)
For the Period November 1–30, 2014