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Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
Edition 10ISBN: 978-1260575910 Exercise 9
The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liqiuidate its business property.A balance sheet drawn up at this time shows the following account balances: 
The following transactions occur in liquidating this business:
• Distributed safe capital balances immediately to the partners.Liquidation expenses of $9,000 are estimated as a basis for this computation.
• Sold noncash assets with a book value of $80,000 for $48,000.
• Paid all liabilities.
• Distributed safe capital balances again.
• Sold remaining noncash assets for $44,000.
• Paid liquidation expenses of $7,000.
• Distributed remaining cash to the partners and closed the financial records of the business permanently.
Produce a final schedule of liquidation for this partnership.
The following transactions occur in liquidating this business:• Distributed safe capital balances immediately to the partners.Liquidation expenses of $9,000 are estimated as a basis for this computation.
• Sold noncash assets with a book value of $80,000 for $48,000.
• Paid all liabilities.
• Distributed safe capital balances again.
• Sold remaining noncash assets for $44,000.
• Paid liquidation expenses of $7,000.
• Distributed remaining cash to the partners and closed the financial records of the business permanently.
Produce a final schedule of liquidation for this partnership.
Explanation
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Liquidation of partnership:
If a partne...
Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik
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