The freema company at december 31 has cash 19033 noncash, Ask an Expert

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The Freema Company at December 31 has cash $19,033, noncash assets $106,100, liabilities $51,797, and the following capital balances: Dalek $45,653 and Briggs $27,683. The firm is liquidated, and $114,600 in cash is received for the noncash assets. Dalek and Briggs income ratios are 62% and 38%, respectively. Instructions Prepare the journal entries to record the following: The sale of noncash assets. Account/Description Debit Credit The allocation of the gain or loss on liquidation to the partners.Account/Description Debit Credit Payment of creditors. Account/Description Debit Credit Distribution of cash to the partners.

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Accounting Basics, Accounting

Category:- Accounting Basics
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