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The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. Th partners estimate liquidation expenses will be $17,000. Cash Noncash assets Total assets $ 150,000 280,000 $ 430,000 Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital Required: Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. Note: Amounts to be deducted should be entered with a minus sign. ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Cash Noncash Assets $ 70,000 130,000 65,000 165,000 $ 430,000 Liabilities Arch, Capital Bibb, Capital 40% 20% Dao, Capital 40%

The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. Th partners estimate liquidation expenses will be $17,000. Cash Noncash assets Total assets $ 150,000 280,000 $ 430,000 Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital Required: Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. Note: Amounts to be deducted should be entered with a minus sign. ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Cash Noncash Assets $ 70,000 130,000 65,000 165,000 $ 430,000 Liabilities Arch, Capital Bibb, Capital 40% 20% Dao, Capital 40%

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 29P
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The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $17,000. Cash Noncash assets Total assets $ 150,000 280,000 Beginning balances Pay liabilities Maximum liquidation expenses Maximum loss - noncash assets Initial safe payments $ 430,000 Required: Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. Note: Amounts to be deducted should be entered with a minus sign. $ Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Assets Cash 150,000 $ 150,000 $ Liabilities 0 $ 0 $ 70,000 130,000 65,000 165,000 $ 430,000 Arch, Capital Bibb, Capital 40% 20% GA 0 $ Dao, Capital 40% 0 $
Transcribed Image Text:The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $17,000. Cash Noncash assets Total assets $ 150,000 280,000 Beginning balances Pay liabilities Maximum liquidation expenses Maximum loss - noncash assets Initial safe payments $ 430,000 Required: Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. Note: Amounts to be deducted should be entered with a minus sign. $ Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Assets Cash 150,000 $ 150,000 $ Liabilities 0 $ 0 $ 70,000 130,000 65,000 165,000 $ 430,000 Arch, Capital Bibb, Capital 40% 20% GA 0 $ Dao, Capital 40% 0 $
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