Homework answers / question archive / The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2018: Assets Liabilities and Owners' Equity Cash $ 30,000 Accounts Payable $ 90,000 Inventory 150,000 Art, Capital 10,000 Bart, Capital 30,000 John, Capital 50,000 Total Assets $180,000 Total Liabilities and owners' $180,000 equity

The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2018: Assets Liabilities and Owners' Equity Cash $ 30,000 Accounts Payable $ 90,000 Inventory 150,000 Art, Capital 10,000 Bart, Capital 30,000 John, Capital 50,000 Total Assets $180,000 Total Liabilities and owners' $180,000 equity

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The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2018: Assets Liabilities and Owners' Equity Cash $ 30,000 Accounts Payable $ 90,000 Inventory 150,000 Art, Capital 10,000 Bart, Capital 30,000 John, Capital 50,000 Total Assets $180,000 Total Liabilities and owners' $180,000 equity. The partners share incomes and losses in the ratio of 5:3:2 for Art, Bart, and John, respectively. The partners agreed to liquidate the partnership. Required: Prepare journal entries to record the following: a. Sale of Inventory for $200,000 cash b. The Allocation of the Gain/Loss from the inventory sale to the partners c. Payment of the liability d. Final Distribution of cash to the