ABC Corporation currently has $20,000 in cash, $30,000 in noncash assets, and liabilities of $35,000. The partners, Adrian, Batch, and Crenshaw, had capital balances of $5,000, $8,000, and $2,000, respectively. The partners share a profit and loss ratio of 1:1:3.  The noncash assets were sold for $60,000. Complete the liquidation chart below. Statement of Partnership Liquidation   Cash Noncash Assets Liabilities Capital         Adrian Batch Crenshaw Balances before realization             Sale of assets and division of loss or gain             Balances after realization             Payment of liabilities             Balances after payment of liabilities             Cash distributed to partners             Final balances

Alfa Company is liquidating. It has the following account balances: Cash $5,000, Non-cash assets $60,000, Liability $31,000, A Capital $15,000, B Capital $17,800, and C Capital $1,200. The company sold its non-cash assets for $84,000 and the income ratios of the partners are 3:2:1 respectively. The balance of C, Capital after paying liabilities is: (Show your calculation)

The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash $ 60,000 Liabilities $ 40,000 Noncash assets 219,000 Frick, capital (60%) 129,000 Wilson, capital (20%) 35,000      Clarke, capital (20%)   75,000 Total assets $279,000 Total liabilities and capital $279,000 Part A Prepare a predistribution plan for this partnership. Part B The following transactions occur in liquidating this business: Distributed safe payments of cash immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $94,000 for $60,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $51,000. Paid actual liquidation expenses of $6,000 only. Distributed remaining cash to the partners and closed the financial records of the business permanently.…

Vipul k