Assets Cash Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Assets Cash Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 53.2 ratio, respectively. The balance sheet on June 30, 20X1. when they decide to liquidate the business, is as follows - Liabilities and Capital $ 20,000 Accounts Payable $ 30,000 Noncash Assets 150,000 Mitchell, Loan 10,000 Matthews, Capital 80,000 Mitchell, Capital 36,000 Michaels, Capital 14,000 $170,000 Total Liabilities and Equities $170,000 Total Assets The noncash assets are sold for $110,000 Required: a. Prepare a statement of partnership realization and liquidation
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
