B Question 23 (3 points) Listen The partner hip of Winger, Norris Rodgers, and Guthrie was formed wveral years ago as a andstecheral fem Seral party had and liquidate the business. The following balance its financial information on anwary 5 at the beginning of this process Ces Accounts Receivable Balding i 21 14 Calected 70% Mw.1 Made Mar 29 Lear A3 P 30 Sodali 24 $17,000 30,000 100,000 $75,000 Rodgers Loan 25,000 141000 53,000 100,000 $2,000 Cetrie, Capital 18.000 On its schedule of liquidation, what is the balance of the liabilities account on July 31? ($79,000) Cash Accounts Receivable Inventory Land Building and Equipment (net) Total Assets $17,000 Liabilities $79,000 80,000 Rodgers Loan 25,000 100,000 Wingler, Capital 141,000 57,000 Norris, Capital 100,000 123,000 447,000 Rodgers, Capital 62,000 Guthrie, Capital 40.000 Total Liabilities and Capital 447,000 The estimated liquidation expenses were 18,000 Profit and loss allocation ratio according to the provisions of partnership agreement: Wingler 40% Norris 20% 10% 30% Rodgers Guthrie 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 insolvent Apr. 3 Paid all liabilities Jun. 30 Sold all inventory for 70% 180,000 55,000 Jul. 1 Made safe capital distributions again 15,000 Nov. 4 Made final cash distrubtions to the partners based on the assumption that all partners except Guthrie are personally solvent Sep. 26 Paid liquidation expenses On its schedule of liquidation, what is the balance of the liabilities account on July 31? ($79,000) $0 ($67,100) ($37,800)