Following is a series of Independent cases. In each situation, Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Part A The Buarque, Monte, and Vinicius partnership reports the following accounts. Vinicius is personally Insolvent and can contribute only an additional $22,000 to the partnership. Cash Liabilities Monte, loan Buarque, capital (58% of profits and losses) Monte, capital (25%) Vinicius, capital (25%) $143,000 48,00 46,000 24,00 53,000 (28,) (deficit) Part B Drawdy, Langston, and Pearl operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have prepared the following balance sheet: Cash Drawdy. loan Noncash assets $ 33eee 18. 176, eee Liabilities Langston, loan Lanost Drawdy. capital (486) Langston, Capital (30%) Pearl, capital (38%) Total liabilities and capital $ 41,5ee 26. eee 78.ces 63.ee 18.500 $227.eee Total assets $227.ee The firm sells the noncash assets for $133.000, it will use $28,000 of this amount to pay liquidation expenses. All three of these partners are personally Insolvent. Part C Drawdy, Langston, and Pearl operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have prepared the following balance sheet: Cash Drawdy. loan Noncash assets $ 33.000 18.eee 176,eee Liabilities Langston, loan Drawdy. Capital Langston, capital Pearl, Capital Total liabilities and capital $ 41,5ee 26,000 78. eee 63.ee 18,5ee $227.ece Total assets $227,eee The firm sells the noncash assets for $133.000, it will use $19.000 of this amount to pay liquidation expenses. All three of these partners are personally Insolvent. Assume that the profits and losses are split 2:4:4 to Drawdy. Langston, and Pearl, respectively Part D Following the liquidation of all noncash assets, the partnership of Krups, Lindau, Riedel, and Schnee has the following account balances. Krups is personally Insolvent. Liabilities Krups, loan Krups, capital (30% of profits and losses) Lindau, capital (3ex) Riedel capital (2006) Schnee, capital (2x) $ 9.000 19,00 (46, eee) deficit (43,200) deficit 28.000 33. eee Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Monte Buarque Capital Loan and Capital Vinicius, Capital Beginning balances Contribution by Vinicius Capital balances Elimination of Vinicius's deficit Final distribution $ 0 $ 0 $ 0 Required A Required B > Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Drawdy. Loan and Capital Langston, Loan and Capital Pearl Capital Beginning balances Loss on disposal Liquidation expenses Capital balances Allocation of Pearl's deficit Final distribution $ 0 $ 0 $ 0 $ 0 $ 0 $ Required A Required Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Pearl, Drawdy. Loan and Capital Langston, Loan and Capital Capital Beginning balances Loss on disposal Liquidation expenses Capital balances Allocation of Pearl's deficit balance Final distribution Sol Sol 0 $ 0 $ Required A Required B Required Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Krups. Loan and Capital Lindau, Capital Riedel Capital Schnee, Capital Beginning balances Allocation of Krups's deficit balance Capital balances Contribution by Lindau Final distribution $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 % 0 % 0 Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Drawdy. Loan and Capital Langston, Loan and Capital Pearl Capital Beginning balances Loss on disposal Liquidation expenses Capital balances Allocation of Pearl's deficit Final distribution $ 0 $ 0 $ 0 $ 0 $ 0 $ Required A Required Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Pearl, Drawdy. Loan and Capital Langston, Loan and Capital Capital Beginning balances Loss on disposal Liquidation expenses Capital balances Allocation of Pearl's deficit balance Final distribution Sol Sol 0 $ 0 $ Required A Required B Required Required D Indicate the cash distribution to be made to partners at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners will reimburse the partnership for their deficit capital balances. Do not round intermediate calculations. Round the final answer to nearest dollar amounts.) Krups. Loan and Capital Lindau, Capital Riedel Capital Schnee, Capital Beginning balances Allocation of Krups's deficit balance Capital balances Contribution by Lindau Final distribution $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 % 0 % 0
