The partnership of frick wilson and clarke has elected to

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Reference no: EM13376703

The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidateits business property. A balance sheet drawn up at this time shows the following accountbalances:

Cash. . . . . . . . . . . . . . . . . . $ 48,000 Liabilities . . . . . . . . . . . . . . . . . . . $ 35,000

Noncash assets . . . . . . . . . . 177,000 Frick, capital (60%) . . . . . . . . . . . 101,000

Wilson, capital (20%) . . . . . 28,000

Clarke, capital (20%). . . . . . 61,000

Total assets . . . . . . . . . . . $225,000 Total liabilities and capital . . . . $225,000

The following transactions occur in liquidating this business:

Distributed safe capital balances immediately to the partners. Liquidation expenses of$9,000 are estimated as a basis for this computation.
Sold noncash assets with a book value of $80,000 for $48,000.
Paid all liabilities.
Distributed safe capital balances again.
Sold remaining noncash assets for $44,000.
Paid liquidation expenses of $7,000.
Distributed remaining cash to the partners and closed the financial records of the businesspermanently.

Produce a final schedule of liquidation for this partnership.

Reference no: EM13376703

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