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  3. the partners in oriole company decide to liquidate

The partners in Oriole Company decide to liquidate the firm when the balance sheet shows...

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Accounting

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The partners in Oriole Company decide to liquidate the firm when the balance sheet shows the following The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $50,500 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. The partners in Oriole Company decide to liquidate the firm when the balance sheet shows the following The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $50,500 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances

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