The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field,...

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,200; Brown, $167,800; and Snow, $153,000. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $44,300 in partnership cash remained. 1. Compute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losses and negative capital balances, if any, should be entered with a minus sign.) 2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record (a) the cash payment to cover the deficit and (b) the final disbursement of cash to the partners. 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners.

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The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field,...

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $129,100; Brown, $167,700; and Snow, $154,600. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On May 31, after all assets were converted to cash and all creditors were paid, only $46,100 in partnership cash remained. QS 12-9 Part 2 2. Assume that any partner with a deficit agrees to pay cash to the...

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field,...

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $129,100; Brown, $167,700; and Snow, $154,600. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On May 31, after all assets were converted to cash and all creditors were paid, only $46,100 in partnership cash remained. 2. Assume that any partner with a deficit agrees to pay cash to the partnership to cover the...

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The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field,...

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