After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of isiah, jerry, and shannon indicated the following Cash 25,000 noncash assests $74,

After discontinuing the ordinary business operations and closing the accounts, the ledger of the partnership of isiah, jerry, and shannon indicated the following

Cash 25,000

noncash assests $74,000

Liabilites $50,000

Isiah, capital $17,500

John, Capital $15,500

Shannon, Capital $16,000

_______ ________

$99,000 $99,000

The partnership share net income int eh ration of 2:1:1. Between May 7-30, the noncash assets were sold fo r$14,000 theliabilites were paid and the remaining cash was distributed to the partners. All partners in a deficit position were able to find enough cash to cover the shortages.

Prepare a statement of partnership liquidation.

need answer in 30 minutes

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