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Problem - The December 31, 2020 balance sheet of the Chan, Dickerson, and Gunther partnership, along with the partners' residual profit-and-loss-sharing ratios, is summarized as follows:
Assets
Equities
Cash
60,000
Account Payable
90,000
Receivables
120,000
Loan from Dickerson
50,000
Inventory
150,000
Chan Capital (20%)
95,000
Due from Chan
15,000
Dickerson Capital (30%)
160,000
Other Assets
255,000
Gunther Capital (50%)
205,000
600,000
The partners agree to liquidate their partnership as soon as possible after January 1, 2021, and to distribute all cash as it becomes available.
Required -
1) Determine the vulnerability rank for each partner.
2) Determine the schedule of assumed loss absorption.
3) Prepare the cash distribution plan to show how cash will be distributed as it becomes available.
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