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 $31,000 to the partnership Cash Liabilities Monte, loan Buarque, capital (50% of profits and losses) Monte, capital (254) Vinicius, capital (25%) $152,000 57,000 64,000 28,000 40,000 (37,000) (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 $ 42,000 27,000 194,000 Liabilities Langston, loan Drawdy, capital (404) $ 49,000 32,000 87,000 Cash Drawdy, loan Noncash assets $ 42,000 27,000 194,000 Liabilities Langston, loan Drawdy, capital (40%) Langston, capital (30%) Pearl, capital (30%) Total liabilities and capital $ 49,000 32,000 87,000 72,000 23,000 $263,000 Total assets $263,000 The firm sells the noncash assets for $142,000, it will use $37,000 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 $ 42,000 27,000 194,000 Liabilities Langston, loan Drawdy, capital Langston, capital Pearl, capital Total liabilities and capital $ 49,000 32,000 87,000 72,000 23,000 $263,000 Total assets $263,000 The firm sells the noncash assets for $142,000; it will use $28,000 of this amount to pay liquidation expenses. All CHALA 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 (39% of profits and losses) Lindau, capital (30%) Riedel, capital (20%) Schnee, capital (20%) $ 9,000 28,000 (64,000) deficit (52,000) deficit 37,000 42,000 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, assum that all solvent partners will reimburse the partnership for their deficit capital balances. Monte, lista Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the li that all solvent partners will reimburse the partnership for their deficit ca Buarque, Capital Monte, Loan and Capital Vinicius, Capital Beginning balances Contribution by Vinicius Capital balances Elimination of Vinicius's deficit Final distribution $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Required A Re Required A Required B Required C Required D Indicate the cash distribution to be made to partners at the end of the liquida that all solvent partners will reimburse the partnership for their deficit capita calculations. Round the final answers 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 $ 0 $ 0 $ 0 Final distribution $ 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 that all solvent partners will reimburse the partnership for their deficit capital bal calculations. Round the final answers 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 balance Final distribution $ 0 $ 0 $ 0 $ 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. Unle that all solvent partners will reimburse the partnership for their deficit capital balances. (Do no 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
