$79,000 25,000 141,000 100,000 62,000 40.000 447,000 The partnership of Wingler, Norris, Rodgers and Guthrie was formed several years ago as a architectural firm. Several partners recently had personal financial problems and decided to terminate operations and liquidate the business. The following balance sheet summarize its financial information on January 5 at the beginning of this process: Cash $17,000 Liabilities Accounts Receivable 80,000 Rodgers Loan Inventory 100,000 Wingler, Capital Land 57,000 Norris, Capital Building and Equipment inet) 193.000 Rodgers Capital Total Assets 447,000 Guthrie, Capital Total Liabilities and Capital The estimated liquidation expenses were 18,000 Profit and loss allocation ratio according to the provisions of partnership agreement: Wingler 40% Norris 20% Rodgers 10% Guthrie 30% The following transactions occurred during the liquidation: Jan. 14 Collected 70% of the total accounts receivalbe with the rest judged to be uncollectible Feb. 23 Sold the land, building and equipment for Mar. 1 Made safe capital distributions Mar.29 Learned that Guthrie became personally in solvent Apr, 3 Paid all liabilities Jun. 30 Sold all inventory for 55,000 Jul. 1 Made safe capital distributions again Sep. 26 Paid liquidation expenses 15,000 Nov. 4 Made final cash distrubtions to the partners based on the assumption that all partners except Guthrie are personally solvent 70% 180,000 In its loss simulation schedule, what is the amount of assumed loss in step 1? $132,070 $130,000 $134,050 $133,333 $79,000 25,000 141,000 100,000 62,000 40.000 447,000 The partnership of Wingler, Norris, Rodgers and Guthrie was formed several years ago as a architectural firm. Several partners recently had personal financial problems and decided to terminate operations and liquidate the business. The following balance sheet summarize its financial information on January 5 at the beginning of this process: Cash $17,000 Liabilities Accounts Receivable 80,000 Rodgers Loan Inventory 100,000 Wingler, Capital Land 57,000 Norris, Capital Building and Equipment inet) 193.000 Rodgers Capital Total Assets 447,000 Guthrie, Capital Total Liabilities and Capital The estimated liquidation expenses were 18,000 Profit and loss allocation ratio according to the provisions of partnership agreement: Wingler 40% Norris 20% Rodgers 10% Guthrie 30% The following transactions occurred during the liquidation: Jan. 14 Collected 70% of the total accounts receivalbe with the rest judged to be uncollectible Feb. 23 Sold the land, building and equipment for Mar. 1 Made safe capital distributions Mar.29 Learned that Guthrie became personally in solvent Apr, 3 Paid all liabilities Jun. 30 Sold all inventory for 55,000 Jul. 1 Made safe capital distributions again Sep. 26 Paid liquidation expenses 15,000 Nov. 4 Made final cash distrubtions to the partners based on the assumption that all partners except Guthrie are personally solvent 70% 180,000 In its loss simulation schedule, what is the amount of assumed loss in step 1? $132,070 $130,000 $134,050 $133,333
