the balance sheet of roger susan and tom who share 263276

The balance sheet of Roger, Susan, and Tom, who share partnership profits 30 percent, 30 percent, and 40 percent, respectively, included the following balances on January 1, 2011, the date of dissolution:


During January 2011, part of the firm’s assets are sold for $40,000. In February the remaining assets are sold for $21,000. Assume that available cash is distributed to the proper parties at the end of January and at the end of February.


Prepare a statement of partnership liquidation with supporting safe payments schedules for each cash distribution. (It will not be possible to determine the actual gains and losses inJanuary.)

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