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Adams, Peters, and Blake share profits and losses for thelr APB Partnership in a ratio...

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Accounting

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Adams, Peters, and Blake share profits and losses for thelr APB Partnership in a ratio of 23.5 . When they dicide to lquidate, the balance sheet is as follows: Lquidation expenses are expected to be negligible. No interest accrues on loans with parthers after termination of the business. Durng the llquidation process for the APB Partnership, the followng events occurrect: 2. During the first month of liquidation, noncash assets with a book value of $89,500 were sold for $68,000, and $22,500 of the Habtitles were paid. 2 Durting the second month, the remaining noncash assets were sold for $78,000. The loan recelvable from Adams was collected. and the rest of the creditors were pald. 3. Cash is distributed to partners at the end of each month. Required: Prepare a statemont of partnership realizavion and liquidation with a schedule of safe payments to partners for the liquidation period. Please follow the practical guidelines when completing this worksheot

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