Tim and Vito are about to liquidate their partnership. They each have $20,000 capital balances, and they share income and losses in a 3:1 ratio, respectively. In addition, the partnership has $25,000 in cash, $45,000 in noncash assets, and $30,000 in accounts payable. Assuming that the noncash assets are sold for $17,000 and that both partners are personally solvent, prepare all the liquidation entries in the journal provided.
Definitions:
Sexual Harassment
Unwanted or unwelcome sexual behavior, which can include comments, gestures, or physical contact, that creates a hostile or offensive environment.
Obscene Remarks
Statements or expressions that are offensive or vulgar in nature.
Sexual Favors
Sexual favors refer to acts of a sexual nature performed in exchange for a benefit or to advance the giver's interests, often discussed in contexts of ethical or legal concern.
Sexual Aggression
Any physical or verbal behavior of a sexual nature that is intended to harm someone physically or emotionally. Can be expressed as either sexual harassment or sexual assault.
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