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After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of isiah, jerry, and shannon indicated

After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of isiah, jerry, and shannon indicated the following

Cash 25,000
noncash assests $74,000

Liabilites $50,000
Isiah, capital $17,500
John, Capital $15,500
Shannon, Capital $16,000
_______ ________
$99,000 $99,000

The partnership share net income int eh ration of 2:1:1. Between May 7-30, the noncash assets were sold fo r$14,000 theliabilites were paid and the remaining cash was distributed to the partners. All partners in a deficit position were able to find enough cash to cover the shortages.

Prepare a statement of partnership liquidation.

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Solution to assignment of thetruth81.xlsx

Solution to assignment of thetruth81
Statement of Partnership Liquidation Cash
Balances before liquidation
Sale of noncash assets
Balances
Additional investment of Isiah
Balances
Payment of...

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