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Problem 12-03A a-c (Video) The partners in Oriole Company decide to liquidate the firm when...

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Accounting

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Problem 12-03A a-c (Video) The partners in Oriole Company decide to liquidate the firm when the balance sheet shows the following Oriole Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment $13,600 27,500 4,500 33,000 21,250 2,550 $102,400 $29,100 Notes payable 25,300 Accounts payable (1,500) Salaries and wages payable 34,900 A. Jamison, capital 20,600 S. Moyer, capital (6,000) P. Roper, capital $102,400 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence 1. A total of $53,750 was received from converting noncash assets into cash 2. Gain or loss on realization was allocated to partners 3. Liabilities were paid in full 4. P. Roper paid his capital deficiency 5. Cash was paid to the partners with credit balances

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