ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000....
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Accounting
ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3. The noncash assets were sold for $60,000. Complete the liquidation chart below.
Statement of Partnership Liquidation
Cash
Noncash Assets
Liabilities
Capital
Adrian
Batch
Crenshaw
Balances before realization
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Sale of assets and division of loss or gain
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Balances after realization
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Payment of liabilities
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Balances after payment of liabilities
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Cash distributed to partners
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Final balances
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Answer & Explanation
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