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Assets Cash Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share...

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Accounting

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Assets Cash Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 53.2 ratio, respectively. The balance sheet on June 30, 20X1. when they decide to liquidate the business, is as follows - Liabilities and Capital $ 20,000 Accounts Payable $ 30,000 Noncash Assets 150,000 Mitchell, Loan 10,000 Matthews, Capital 80,000 Mitchell, Capital 36,000 Michaels, Capital 14,000 $170,000 Total Liabilities and Equities $170,000 Total Assets The noncash assets are sold for $110,000 Required: a. Prepare a statement of partnership realization and liquidation

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