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STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Delco, Smith, and Walker is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain Open. The noncash assets are sold for $165,000. Profits and losses are shared equally. REQUIRED 1. Prepare a statement of partnership liquidation for the period April 1–15, 20--, showing the following: (a) The sale of noncash assets on April 1 (b) The allocation of any gain or loss to the partners on April 1 (c) The payment of the liabilities on April 12 (d) The distribution of cash to the partners on April 15 2. Journalize these four transactions in a general journal.

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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 19, Problem 10SPB
Textbook Problem
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STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Delco, Smith, and Walker is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain Open.

Chapter 19, Problem 10SPB, STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS After several years of operations, the partnership

The noncash assets are sold for $165,000. Profits and losses are shared equally.

REQUIRED

1. Prepare a statement of partnership liquidation for the period April 1–15, 20--, showing the following:

(a) The sale of noncash assets on April 1

(b) The allocation of any gain or loss to the partners on April 1

(c) The payment of the liabilities on April 12

(d) The distribution of cash to the partners on April 15

2. Journalize these four transactions in a general journal.

1.

To determine

Prepare a statement of partnership liquidation for the period of April.

Explanation of Solution

Liquidation of partnership:

Liquidation is the process where assets are sold, gains and losses are allocated to the partners, liabilities are paid out and the cash that is remaining cash or other assets are distributed to partners...

2.

To determine

Journalize these four transactions in a general Journal.

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Chapter 19 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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Ch. 19 - On January 1, 20-1, Paul Dimmitt and Mike Stiglitz...Ch. 19 - Dimmitt and Stiglitz are to receive salary...Ch. 19 - Dimmitt and Stiglitz are to receive salary...Ch. 19 - On January 1, 20-5, the capital balances of...Ch. 19 - On December 31, 20-8, the partners decided to...Ch. 19 - Identify 11 essential provisions of a partnership...Ch. 19 - Identify three advantages of a partnership as...Ch. 19 - Identify four disadvantages of a partnership form...Ch. 19 - When two sole proprietors decide to combine their...Ch. 19 - In the absence of any agreement between the...Ch. 19 - What factors generally are considered in...Ch. 19 - Identify three ways in which a partnership may be...Ch. 19 - When a new partner who has been the sole owner of...Ch. 19 - Describe the four accounting entries for the...Ch. 19 - PARTNER SHIP OPENING ENTRIES Patty McShane and...Ch. 19 - ENTRIES FOR ALLOCATION OF NET INCOME Danny...Ch. 19 - PARTI AL FINANCIAL STATEMENTS Ronica Kluge and Sam...Ch. 19 - ADMITTING NEW PARTNERS Jeff Bowman and Kristi...Ch. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - SERIES A PROBLEMS PARTNERSHIP OPENING ENTRIES On...Ch. 19 - PREPARING PARTI AL FINANCIAL STATEMENTS AND...Ch. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP The Kelly...Ch. 19 - STATEMENT OF PARTNERSHIP LIQUIDATION WITH GAIN...Ch. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - PARTNER SHIP OPENING ENTRIES Sharon Usher and...Ch. 19 - ENTRIES FOR ALLOCATION OF NET INCOME John Clark...Ch. 19 - PARTI AL FINANCIAL STATEMENTS Randy Nolan and Jill...Ch. 19 - ADMITTING NEW PARTNER S Maria Rhodes and Craig...Ch. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - SERIES B PROBLEMS PARTNERSHIP OPENING ENTRIES On...Ch. 19 - PREPARING PARTI AL FINANCIAL STATEMENTS AND...Ch. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - STATEMENT OF PARTNERSHIP LIQUIDATION WITH GAIN...Ch. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - MANAGING YOUR WRITING A friend, Joan Mellencamp,...Ch. 19 - ETGHICS CASE Kathy Lentz, Rob Snyder, and Tom Rohm...Ch. 19 - Jim Bond, a plumber, has been working for Flemings...Ch. 19 - CHALLENGE PROBLEM This problem challenges you to...Ch. 19 - Siblings Jordan and Morgan Hartley are partners in...

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