The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $130,800: Brown, $166,700; and Snow, $155,500. On May 31, the liquidation resulted in a loss of $408,000. 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Initial investments Loss allocation Capital balances Field Brown Snow $ Total 0 0 0
The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $130,800: Brown, $166,700; and Snow, $155,500. On May 31, the liquidation resulted in a loss of $408,000. 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign. Initial investments Loss allocation Capital balances Field Brown Snow $ Total 0 0 0
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 5CE
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