Afer working for in the Kachen temodeing business for several years, Terry and Phylis decided to go into business for themselves and formed the Kitchens Just for You parthership. Three years ago, they admitted Connie as a partner and recognized goodwill at that Ime becbuse of her good client ilst for planned kitchen makeovers. However, they were not able to gain a sufficient market for new customers and on September 1,209, they agreed to gissolve and liquidate the business. They decided on an installmeat liquidation to complete the projects already initiated. The balance sheet, whth profit and loss - sharing percentages st the beginning of liquidation, is as follows: Connie's loan was for working capitat the loan to Terry was foe his unexpected personal medical bills. $6,000 of the remaining recelvables. Sales of one haif of the book value of the irtvertery realzed a ioss of $6.000. The partrers estimate that the costs of liquidating the business (newipaper eds, signs, etc.], are expected to be $8.000 for the renainder of the liquidation process. Pequired: Prepare a schedule of safe payments to parthers as of Septechber 30, 20x9, to show how the avalable cash should be distributed to the partners. Please follow the prectical gidelines when completing this worksheet. Afer working for in the Kachen temodeing business for several years, Terry and Phylis decided to go into business for themselves and formed the Kitchens Just for You parthership. Three years ago, they admitted Connie as a partner and recognized goodwill at that Ime becbuse of her good client ilst for planned kitchen makeovers. However, they were not able to gain a sufficient market for new customers and on September 1,209, they agreed to gissolve and liquidate the business. They decided on an installmeat liquidation to complete the projects already initiated. The balance sheet, whth profit and loss - sharing percentages st the beginning of liquidation, is as follows: Connie's loan was for working capitat the loan to Terry was foe his unexpected personal medical bills. $6,000 of the remaining recelvables. Sales of one haif of the book value of the irtvertery realzed a ioss of $6.000. The partrers estimate that the costs of liquidating the business (newipaper eds, signs, etc.], are expected to be $8.000 for the renainder of the liquidation process. Pequired: Prepare a schedule of safe payments to parthers as of Septechber 30, 20x9, to show how the avalable cash should be distributed to the partners. Please follow the prectical gidelines when completing this worksheet
