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  3. 3.rob davis, stewart vintu, and vern wilson are li

3.Rob Davis, Stewart Vintu, and Vern Wilson are liquidating their partnership. Before selling the assets...

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Accounting

image 3.Rob Davis, Stewart Vintu, and Vern Wilson are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Davis $40,000; Vintu, $24,000; and Wilson, $16,000. The profit-and-loss-sharing ratio has been 1:1:2 for Davis, Vintu, and Wilson, respectively. The partnership has $64,000 cash, $38,000 non-cash assets, and $22,000 accounts payable. Requirements Assuming the partnership sells the non-cash assets for $46,000, record the journal entries a. for the sale of non-cash assets, b. allocation of gain or loss on liquidation, c. the payment of the outstanding liabilities, d. the distribution of remaining cash to partners. 4.The balance sheet of Morrisey Management Consulting, Inc. at December 31, 2015, reported the following stockholders' equity: During 2016, Morrisey completed the following selected transactions: Requirements Record the transactions in the general journal. (Hint: for the last activity on Nov.27, don't orget the effect of stock dividends and treasury stock transactions.)

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