Calibri Final Problem 4 Butderxdx Excel A Chris Butler File

Calibri Final Problem 4 Butderxdx Excel A Chris Butler File Insert Page Layout Formulas Data Review View Developer Help Power Pivot QuickBooks Tell me what you want to do ? AutoSum -A Calibri 2b wrap Text General Copy , Format Painter 51 U Paste u , | ,?· ·? ? ? ? ??Merge & Center . $ . % ,??Conditional Format as Cell Insert Delete Format Sort & Find & Filter Select Merge Center Formatting . Table\" Styles Styles Clipboard Font Alignment Number Cells Editng f safe Payment #1 As of January1, 2018, the accountant for the partnership of Canton, Yulls, and Garr prepared the following 4 partial liquidation schedule: 30% Partners\' Capital Accounts 40% 30% Noncashh Cash Assets Liabilities Canton Yulls Balance Priorto Liquidation 80,000 205,000 (47,000) (138,000) (119,500) $19,500 10 11 Prepare a safe payment schedule showing how much each partner could receive at this time, assuming 12 liquidation expenses of $10,000 and maximum losses on noncash assets. 13 14 15 16 17 18 19 20 21 30% 40% 30% Partners\' Capital Accounts Safe Payment #1 Partners\' Capital (138,000) (119,500)19,500 S (138,000) (119,500)19,500 (138,000)(119,500) 19,500 S (138,000) (119,500)19,500 (138,0001 S(119.50019.500 24 Sheet1 Ready + 100%

Solution

The amount that can be distributed = Cash-Liabilities-Liquidation Expense =80000-47000-10000 Cash to be distributed 23000 Ratio 3 4 3 10 Cantons Yulls Garr Total Capital Balances $138,000 $119,500 -$19,500 $238,000 Non Current Assets -$61,500 -$82,000 -$61,500 -$205,000 Liquidation Expense -$3,000 -$4,000 -$3,000 -$10,000 Balances $73,500 $33,500 -$84,000 $23,000 Distribution of Deficit among partners -$36,000 -$48,000 $84,000 $0 Balances $37,500 -$14,500 $0 $23,000 Distribution of Deficit among partners -$14,500 $14,500 $0 $0 Balances $23,000 $0 $0 $23,000 Assuming that the negetive balance shown in the table are the amount receivable by the partners and the positive amount of Garr is the payable Note: Best efforts have been made to answer the question correctly. In case of any descrepencies kindly comment, I will try to resolve the same Please provide positive feedback