The Balance Sheet of the Partnership of Jim,Kim,and Larry Is

question 36

Essay

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.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, leading to market stability where there is no excess supply or demand.

Producer Surplus

The inequality between the monetary expectations of producers for a good or service and the actual monetary outcome.

Wireless Mouse Market

The segment of the market that deals with the selling and purchasing of cordless mice, a common computer peripheral.

Efficient Market

A market where all relevant information is quickly and correctly reflected in securities prices, ensuring that transactions are made fairly and accurately.