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Module 3 Homework_Nick Miller

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10 views

Module 3 Homework_Nick Miller

Uploaded by

nicholasm456123
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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E 17-7

Schedule For Phase-Out of the Partne

Opening Balance
Creditors Recovered from Bev

Amount Realized from Sales of Bev's Personal Net Assets

Debit Balance of Bev Born by Ali and Cal

Amount Reaized From Sales of Ali's Personal Net Assets

Debit Balance of Ali Born by Cal

Distribution of Cash to Cal

E 17-10

Dee, Ema, Lyn, and G


Schedule of Safe Payme
January 31, 2011

Possible Losses
Partner's Equity Jan. 1
January Profit/Loss Transactions:
Inventory Sale
Land Sale
Partner's Equity Jan. 31
Possible Losses - Non-cash
Possible Losses - Contingent
Partner's Equity
Possible Losses - Lyn
Partner's Equity
Possible Losses - Geo
Safe Payments Can Be Made
P 17-6

Jon, Sam, And Tad


Statement of Partners
For the Liquidation Perio

Balances
January 1, 2011
Inventories Sold
Receivables Collections
Pre-Distribution Balance
Cash Distribution to Creditors
Balances January 31, 2011

February 1, 2011
Land Sold
Land and Buildings Sold
Receivables Collections
Balances February 28, 2011

March 1, 2011
Write-off of Furniture & Fixtures
Prredistribution Balance
Cash Distribution:
Creditors
Partners
Balances March 31, 2011
Nicholas Miller
11/1/2024

For Phase-Out of the Partnership


Amount
Ali Bev Cal Total
$ 20,000 $ (120,000) $ 70,000 $ (30,000)
- 30,000 - 30,000
20,000 (90,000) 70,000 -
- 20,000 - 20,000
20,000 (70,000) 70,000 20,000
(35,000) 70,000 (35,000) -
(15,000) - 35,000 20,000
10,000 - - 10,000
(5,000) - 35,000 30,000
5,000 - (5,000) -
- - 30,000 30,000
$ - $ - $ (30,000) $ (30,000)

Dee, Ema, Lyn, and Geo


Schedule of Safe Payments
January 31, 2011
Dee Capital Ema Capital Lyn Capital Geo Capital
Possible Losses 20% 10% 50% 20%
$ 150,000 $ 80,000 $ 140,000 $ 78,000

(6,000) (3,000) (15,000) (6,000)


20,000 10,000 50,000 20,000
164,000 87,000 175,000 92,000
395,000 (79,000) (39,500) (197,500) (79,000)
20,000 (4,000) (2,000) (10,000) (4,000)
81,000 45,500 (32,500) 9,000
(13,000) (6,500) 32,500 (13,000)
68,000 39,000 - (4,000)
(2,667) (1,333) - 4,000
$ 65,333 $ 37,667 $ - $ -
Jon, Sam, And Tad Partnership
Statement of Partnership Liquidaiton
For the Liquidation Period January 1, 2011
Non Cash Accounts Jon Capital Sam Capital
Cash Assets Payable 20% 30%
15,000 215000 80,000 40,000 60,000

20,000 -65,000 -9000 -13500


14,000 -14,000
49,000 136000 80,000 31,000 46,500
-40000 -40,000
9,000 136000 40,000 31,000 46,500

60,000 -40,000 4000 6000


40,000 -70000 -6000 -9000
3,000 -6,000 -600 -900
112,000 20000 40,000 28,400 42,600

-20,000 -4000 -6000


112,000 0 40,000 24,400 36,600

-40,000 -40,000
-72,000 -24,400 -36,600
0 0 0 0
(110,000 - (60,000 +30,000)

(60,000 - 50,000)

All Calculations are Expressed as Excel Formulas


Tad Capital
50%
50,000

-22500

27,500

27,500
All Calculations are Expressed as Excel Formulas

10000
-15000
-1500
21,000

-10000
11,000

-11,000
0

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