artnership Liquidation. The balance sheet of the Tri Brothers partnership just prior to liquidation appears below: Tri Brothers Balance Sheet…
artnership Liquidation. The balance sheet of the Tri Brothers partnership just prior to liquidation appears below: Tri Brothers Balance Sheet december 31, 2017. Assets-Cash $140,000, Noncash assets $380,000. Liabilities and Owners Equity-Liabilities $240,000, Grayson, Capital 40,000, Lawson, Capital 160,000, Myer’s Capital 80,000. Both ending with $520,000. Other info.1.The partners Grayson, Lawson, and Myers share profits and losses in the ratio of 6:3:1. 2. The noncash […]