Problem - After many years of operations, the partnership of Thay, Walter and Carpenter is to be liquidated:
Cash $18,300
Inventory 28,000
Other Assets 75,000
Liabilities $13000
Thay, Capital 35,200
Walter, Capital 39,900
Carpenter, Capital 33,200
Prepare a statement of partnership liquidation for the period July 1, 2016:
a. The sale of noncash assets on July 1 for $94,0000
b. The allocation of any gain or loss to the partners on July 1
c. The payment of liabilities on July 3
d. The distribution of cash to the partners on July 7