14 at the end of 2010 the partnership of piatta ragoo and sauss was dissolved by feb 4307442

14 at the end of 2010 the partnership of piatta ragoo and sauss was dissolved by feb 4307442

14) At the end of 2010, the partnership of Piatta, Ragoo, and Sauss was dissolved. By February 1, 2011, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on February 1, 2011 (with partner residual profit and loss sharing percentages) was as follows:

Cash$220,000Piatta,capital (20%)$20,000

Ragoo, capital (40%)(180,000)

       Sauss, capital (40%)  380,000

Total assets$ 220,000Total equity$ 220,000

The value of partners' personal assets and liabilities on February 1, 2011 were as follows:

PiattaRagooSauss

Personal assets$86,000$310,000$210,000

Personal liabilities79,000250,000250,000

Required:

Prepare the final statement of partnership liquidation.

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