The balance sheet of the partnership of Jim,Kim,and Larry is shown below as of September 1,2011.The partners had decided to dissolve the partnership earlier in the year,and all assets were converted into cash and all partnership liabilities were paid.The remains of the partnership (with partner residual profit and loss sharing percentages)was as follows:
The value of partners' personal assets and liabilities on July 1,2011 were as follows:
Required:
Prepare the final statement of partnership liquidation.
Definitions:
Noncash Investing
Transactions that involve the acquisition or disposal of assets not involving immediate cash flow.
Indirect Method
A method used in cash flow statements to calculate net cash flow from operating activities by adjusting net income for changes in non-cash accounts like accounts receivable, accounts payable, and depreciation.
Current Liability
A financial obligation that is due within one year or within the normal operating cycle of the business, whichever is longer.
Indirect Method
A cash flow statement format that starts with net income and adjusts for non-cash transactions and changes in working capital to arrive at net cash provided by operating activities.
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