please show work E 17-7 Statement of partnership liquidation The partnership of Ali,...
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E 17-7 Statement of partnership liquidation The partnership of Ali, Bev, and Cal became insolvent during 2011, and the partnership ledger shows the following balances after all partnership assets have been converted into cash and all available cash distributed: Profit- and loss-sharing percentages for the three partners are Ali, 30 percent; Bev, 40 percent; and Cal, 30 percent. The personal assets and liabilities of the partners are as follows: REQUIRED: Prepare a schedule to show the phaseout of the partnership and final closing of the books if the partnership creditors recover $30,000 from Bev
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