Problem 12-5A (page 574) updated.xlsx - Problem 12-5A Name...

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Problem 12-5A Name: Heaven Davis Section: 12-5A Score:100% Key Code: [Key code here] Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. Enter a zero in cells you would otherwise leave blank. 1. GERLOFF, CHU, AND JEWETT Statement of Partnership Liquidation Capital Noncash Gerloff Chu Jewett Cash + Assets = Liabilities + (50%) + (25%) + (25%) Balances before realization $ 5,200 $ 55,900 $ 15,000 $ 19,300 $ 4,500 $ 22,300 a. Sale of assets and division of gain 34,300 (55,900) - (10,800) (5,400) (5,400)

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