Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Feb 2018 My Price 6.00

Safe payments schedules

Installment liquidation—Safe payments schedules

The balance sheet of Roger, Susan, and Tom, who share partnership profits 30 percent, 30 percent, and 40 percent, respectively, included the following balances on January 1, 2011, the date of dissolution:

Cash

$ 20,000

Liabilities

$ 40,100

Other assets

130,000

Loan from Roger

5,000

Loan to Susan

10,000

Roger capital

9,900
   

Susan capital

45,000
   

Tom capital

60,000
 

$160,000

  

$160,000

During January 2011, part of the firm’s assets are sold for $40,000. In February the remaining assets are sold for $21,000. Assume that available cash is distributed to the proper parties at the end of January and at the end of February.

REQUIRED: Prepare a statement of partnership liquidation with supporting safe payments schedules for each cash distribution. (It will not be possible to determine the actual gains and losses in January.)

 

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Maurice Tutor
(5)
Status NEW Posted 16 Feb 2018 10:02 PM My Price 6.00

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