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  1. business
  2. accounting
  3. abc corporation currently has $20,000 in cash, $30

ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000....

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Accounting

ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3. The noncash assets were sold for $60,000. Complete the liquidation chart below.

  1. Statement of Partnership Liquidation

    Cash

    Noncash Assets

    Liabilities

    Capital

    Adrian

    Batch

    Crenshaw

    Balances before realization

    Blank 1

    Blank 2

    Blank 3

    Blank 4

    Blank 5

    Blank 6

    Sale of assets and division of loss or gain

    Blank 7

    Blank 8

    Blank 9

    Blank 10

    Blank 11

    Blank 12

    Balances after realization

    Blank 13

    Blank 14

    Blank 15

    Blank 16

    Blank 17

    Blank 18

    Payment of liabilities

    Blank 19

    Blank 20

    Blank 21

    Blank 22

    Blank 23

    Blank 24

    Balances after payment of liabilities

    Blank 25

    Blank 26

    Blank 27

    Blank 28

    Blank 29

    Blank 30

    Cash distributed to partners

    Blank 31

    Blank 32

    Blank 33

    Blank 34

    Blank 35

    Blank 36

    Final balances

    Blank 37

    Blank 38

    Blank 39

    Blank 40

    Blank 41

    Blank 42

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