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The ABC Partnership is to be liquidated and you have been hired to prepare a...

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Accounting

The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership as well as all required journal entries. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $70,000. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up for the capital deficiency.) Instructions Use the above information.

a. Prepare a complete Schedule of Cash Payments.

b. Prepare all necessary journal entries on the journal page below.

ABC PARTNERSHIP Schedule of Cash Payments

Balances Before Liquidation: Item Cash $25,000 + Noncash Assets $150,000 = Liabilities $50,000 + Alexa Capital $25,000 + Bitsy Capital $35,000 + Coco Capital $65,000

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