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  • On June 3 2012 The Firm of Lyon Malone and

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    M Bilal Saleem
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    On June 3, 2012, the partnership of Lyon, Malone, and Chen decided to liquidate. Lyon had a $12,000 capital balance, Malone had $76,000, and Chen had $104,000. The partnership had $19,000 cash, $218,000 in non-cash assets, and $45,000 in liabilities. The partners shared income and losses in a 1:2:2 ratio. The partnership prepared statements of liquidation assuming the assets were sold for $272,000 or $105,000, creditors were paid, and any remaining cash was distributed to partners.

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    On June 3 2012 the Firm of Lyon Malone And

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    On June 3, 2012, the partnership of Lyon, Malone, and Chen decided to liquidate. Lyon had a $12,000 capital balance, Malone had $76,000, and Chen had $104,000. The partnership had $19,000 cash, $218,000 in non-cash assets, and $45,000 in liabilities. The partners shared income and losses in a 1:2:2 ratio. The partnership prepared statements of liquidation assuming the assets were sold for $272,000 or $105,000, creditors were paid, and any remaining cash was distributed to partners.

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    6 views1 page

    On June 3 2012 The Firm of Lyon Malone and

    Uploaded by

    M Bilal Saleem
    On June 3, 2012, the partnership of Lyon, Malone, and Chen decided to liquidate. Lyon had a $12,000 capital balance, Malone had $76,000, and Chen had $104,000. The partnership had $19,000 cash, $218,000 in non-cash assets, and $45,000 in liabilities. The partners shared income and losses in a 1:2:2 ratio. The partnership prepared statements of liquidation assuming the assets were sold for $272,000 or $105,000, creditors were paid, and any remaining cash was distributed to partners.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    On June 3 2012 the firm of Lyon Malone and

    On June 3, 2012, the firm of Lyon, Malone, and Chen decided to liquidate their partnership.The
    partners have capital balances of $12,000, $76,000, and $104,000, respectively. The cash
    balance is $19,000, the book values of noncash assets total $218,000, and liabilities total
    $45,000. The partners share income and losses in the ratio of 1:2:2. Instructions1. Prepare a
    statement of partnership liquidation, covering the period June 3–29, 2012, for each of the
    following independent assumptions:a. All of the noncash assets are sold for $272,000 in cash,
    the creditors are paid, and the remaining cash is distributed to the partners.b. All of the noncash
    assets are sold for $105,000 in cash, the creditors are paid, the partner with the debit capital
    balance pays the amount owed to the firm, and the remaining cash is distributed to the
    partners.2. Assume the partner with the capital deficiency in part (b) above declares bankruptcy
    and is unable to pay the deficiency. Journalize the entries to (a) allocate the partner’s
    deficiency and (b) distribute the remaining cash.View Solution:
    On June 3 2012 the firm of Lyon Malone and
    SOLUTION-- http://expertanswer.online/downloads/on-june-3-2012-the-firm-of-lyon-malone-
    and/

    See Answer here expertanswer.online


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