Refer to the Facts in Question 46

question 35

Essay

Refer to the facts in Question 46.The partners have decided to liquidate their partnership by installments instead of accepting the offer of $180,000.Cash is distributed to the partners at the end of each month.A summary of the liquidation transactions follows:
October
1.$25,000 is collected on accounts receivable;balance is uncollectible.
2.$20,000 received for the entire inventory.
3.$1,500 liquidation expense paid.
4.$40,000 paid to creditors.
5.$10,000 cash retained in the business at the end of the month.
November
6.$2,000 in liquidation expenses paid.
7.As part payment of his capital,Nixon accepted an item of special equipment that he developed,which had a book value of $8,000.The partners agreed that a value of $12,000 should be placed on this item for liquidation purposes.
8.$4,000 cash retained in the business at the end of the month.
December
9.$150,000 received on sale of remaining plant and equipment.
10.$1,000 liquidation expenses paid.No cash retained in the business.
Required:
Prepare a statement of partnership realization and liquidation with supporting schedules of safe payments to partners.

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Definitions:

Violent Media

Content in various forms of media, such as television, movies, video games, and the internet, that depicts acts of physical force intended to hurt or kill.

Identifying

The process of associating oneself closely with certain qualities, characteristics, or groups.

Filmed Violence

Acts of aggression and violence depicted in movies or television that can influence viewers' attitudes and behaviors.

Aggress

Refers to the act of initiating hostilities or conflict, typically to assert dominance or respond to perceived threats.