Business, 16.12.2019 19:31 laurenppylant

Alex and bess have been in partnership for many years. the partners, who share profits and losses on a 60: 40 basis, respectively, wish to retire and have agreed to liquidate the business. liquidation expenses are estimated to be $5,000. at the date the partnership ceases operations, the balance sheet is as follows: cash $50,000 liabilities $40,000noncash assets 150,000 alex, capital 90,000 bess, capital 70,000total assets $200,000 total liabilities and capital $200,000part a: prepare journal entries for the following transactions: a. distributed safe cash payments to the partners. b. paid $30,000 of the partnership’s liabilities. c. sold noncash assets for $160,000.d. distributed safe cash payments to the partners. - for part a, i only need the answer to d. alex, capital bess, capitale. paid remaining partnership liabilities of $10,000.f. paid $4,000 in liquidation expenses; no further expenses will be incurred. g. distributed remaining cash held by the business to the partners. part b: prepare a final statement of partnership liquidation.

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