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Preliminary distribution of partnership assets

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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 $11,000

Cash $100,000 Liabilities $50,000

Noncash assets 230,000 Arch, Cap. (40%) 100,000

Bibb, Cap. (20%) 50,000

Doa, Cap (40%) 130,000

Total assets $330,000 Total labilities and capital $330,000

Put together a schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination.

Cash Noncash Assets Liabilities Arch, Cap40% Bibb, Cap 20%Dao, Cap 40%

Beginning balances

Pay liabilities

Max. liquidation expenses

Max. loss-noncash assets

initial safe payments

Reference no: EM133246895

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