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The partners of the Wisin, Yandel and Don partnership share profits and losses in the...

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Accounting

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The partners of the Wisin, Yandel and Don partnership share profits and losses in the ratio of 40:25:35, respectively. The partners have decided to liquidate and terminate the partnership at December 1 until 31, 2021. Prior to liquidation, the partnership balance sheet was as follows: Cash Inventory Fixed assets - net Goodwill Total assets $ 20,000 100,000 60,000 100,000 $ 280,000 Liabilities Wisin, capital Yandel, capital Don, capital Total equity $ 120,000 60,000 80,000 20,000 $ 280,000 - Required: Prepare a schedule of liquidation, given that the partnership sold the inventory for $55,000 and the fixed assets for $200,000 and write-off Goodwill; and paid liabilities and then, distribution any cash remainder into partners

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