GERLOFF, CHU, AND JEWETT Statement of Partnership Liquidation For the Period February 3-28, 2016 Capital Noncash Gerloff Chu Jewett Cash Assets Liabilities + (50%) + (259%) (25%) Balances before realization $ 5,200 55,900 15,000 19,300 4,500 22.300 a. Sale of assets and division of gain 34,300 (55,900) (10.800) (5,400) (5,400) Balances after realization 39,500 $ 15,000 8,500 $ (900) $ 16,900 b. Payment of liabilities (15,000) (15,000) Balances after payment of liabilities 24,500 S $ 8,500 $ (900 16.900 c. Receipt of deficiency 900 900 Balances $ 25,400 S $ 8,500 S 16,900 d. Cash distributed to partners (25,400) (8,500) (16,900) Final balances a. Wiliam Gerloff, Capital 600 Courtney Jewett, Capital 300 Joshua Chu, Capital 900 b. Wiliam Gerloff, Capital 7,900 Courtney Jewett, Capital 16,600 Cash 24,500