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Quick, Drake, and Sage share income and loss in a 3:2:1 ratio

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June 7th, 2024

Quick, Drake, and Sage share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.QUICK, DRAKE,AND SAGEBalance SheetMay 31AssetsLiabilities and EquityCash $ 90,400Accounts payable $122,750Inventory 268,600Quick, Capital 46,500Drake, Capital 106,250Total assets $359,000Sage, Capital 83,500Total liabilities and equity $359,000RequiredPrepare journal entries for (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inventory is sold for (1) $300,000; (2) $250,000; (3) $160,000 and any partners with capital deficits pay in the amount of their deficits; and (4) $125,000 and the partners have no assets other than those invested in the partnership. (Round to the nearest dollar.)

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