After 25 years of operations, the Banana, Orange, and Pear partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows: Banana, Orange, and Pear Partners Balance Sheet as of 12/31/20x1 Assets Liabilities and Partners’ Capital Cash $80,000 Liabilities $47,000 Noncash assets 205,000 Banana, Capital 138,000 Orange, Capital 119,500 Pear, Capital (19,500) Total assets $285,000 Total Liabilities and Capital $285,000 In accordance with the Articles of Partnership, the partners agreed to share profits and losses as follows: Banana, Capital 30% Orange, Capital 40% Pear, Capital 30% The partnership estimates liquidation expenses of $10,000.Required: Assuming maximum losses, prepare a formal Statement of Liquidation for the partnership.

After 25 years of operations, the Banana, Orange, and Pear partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows: Banana, Orange, and Pear Partners...

After 25 years of operations, the Banana, Orange, and Pear partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows:

Banana, Orange, and Pear Partners
Balance Sheet
as of 12/31/20x1
Assets	Liabilities and Partners’ Capital
Cash	$80,000	Liabilities	$47,000
Noncash assets	205,000	Banana, Capital	138,000
		Orange, Capital	119,500
		Pear, Capital	(19,500)
Total assets	$285,000	Total Liabilities and Capital	$285,000

In accordance with the Articles of Partnership, the partners agreed to share profits and losses as follows:

Banana, Capital	30%
Orange, Capital	40%
Pear, Capital	30%

The partnership estimates liquidation expenses of $10,000.

Required:

Assuming maximum losses, prepare a formal Statement of Liquidation for the partnership.

Jun 03, 2022

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After 25 years of operations, the Banana, Orange, and Pear partnership has decided to liquidate. At that time, 1/1/20x2, the partnership balance sheet is as follows: Banana, Orange, and Pear Partners...

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