After closing entries were made on December 31, 2011, the ledger of Mike, Nan, and Okey contained the following balances:
Due to unsuccessful operations, the partners decide to liquidate the...

After closing entries were made on December 31, 2011, the ledger of Mike, Nan, and Okey contained the following balances:





Due to unsuccessful operations, the partners decide to liquidate the business. During January some of the inventory is sold at cost for $10,000, and on January 31, 2012, all available cash is distributed. It is not known if the remaining inventory items can besold.