Good afternoon, is my assignment instructions and required columns/rows of data. This 'ask your question' box will not allow me to attach the actual Excel file that has my formulas and calculations, only picture images of my Excel sheet.

 

The parts I am supposed to fill in are in yellow. Some highlighted in yellow are supposed to be filled in by me, but I am not sure what I should be looking at so are blank at the bottom.

 

My answers differ from the examples of other learners, so I don't know if I am just very mistaken in the numbers I was using or other learners deviated. Any help putting me in the right direction will be so appreciated, I have been stuck on this assignment for quite some time. Thank you so much!

 

 

The partnership of Edmonds, Beatty, and Elder has elected to cease all operations and liquidate its business property.A balance sheet drawn up at this time shows the following account balances: Cash 105,600 |Liabilities 77,000 Moncash assets 389,400 |Edmonds, capital (60%) 222,200 60%Beatty, capital (20%) 61,600 20%Elder, capital (20%) 134,200 20% Totals assets 495,000 |Total liabilties and capital 495,000 The following transactions occur in liguidating this business:1 Distributed safe capital balances immediately to the parthers. Liquidation expenses of 19,800 are estimated as a basis for this computation for the 8,800 initial distribution 2 Sold noncash assets with a book value of 176,000 for 105,600, loss of 70,400 {70,400) loss 3 Paid all liakilties 4 Distributed safe capital balances again remaining noncash loss 5 Sold remaining noncash assets for 96,500, loss of 116,600 213,400 (116,600)6 Paid liguidation expenses of 15,400 15,400 7 Distributed remaining cash to the partners and closed the financial records of the business permanently Assignment: Produce a final schedule of liquidation for this partnership using the above information.Edmonds BeattyElderNoncashcapitalcapitalcapitalCashassetsLiabilities 60%20%20%Beginning balances105,600389,40077,000222,20061,600134,2001 Distribution of 8,800 (cash in(8,800)(5,280)(1,760)(1,760) is it reduced because they are being paidexcess of liabilities andout of their original capital balances?estimated liquidation expensesin accordance withpredistribution planUpdated balances96,800389,40077,000216,92059,840132,4402 Noncash assets sold105,600(176,000)(42,240)(14,080)(14,080)Updated balances202,400213,40077,000174,68045,760118,3603 All liabilities are paid(77,000)(77,000)000Updated balances125,400213,4000174,68045,760118,3604 Distribution of 105,600 (cash in(105,600)(63,360)(21,120)(21,120) is it reduced because they are being paidexcess of liabilties andout of their original capital balances?estimated liquidation expenses)in accordance wihpredistribution planFirst distributiondon't know what to put on this linedon't know what to put on this lineNextdon't know what to put on this linedon't know what to put on this lineNextdon't know what to put on this linedon't know what to put on this lineUpdated balances19,800213,400111,32024,64097,2405 Noncash assets sold96,800(213,400)(69,960)(23,320)(23,320)Updated balances116,60041,3601,32073,920O C6 Paid liquidation expenses(15,400)(9,240)(3,080)(3,080) (121,440) (40,480)(40,480)Updated balances101,200O032,120(1,760)70,840Final distribution based on(101,200)(32,120)1,760(70,840)ending capital account balancesEnding balance000000 assets valued at 176,000 sold for 103,600 for a loss of (70,400) assets valued at 213,400 sold for 96,800 for a loss of (116,600) Edmonds, Beatty, Elder,Assignment: fillin information as noted below" Capital Capital CapitalBeginning balances 222,200 61,600 134,200Assumed loss, explain to the right if applicable (42,240) (14,080) (14,080)Step One balances 179,960 47,520 120,120Assumed loss, explain to the right if applicable 169,960) (23,320) (23,320)Step Two balances 110,000 24,200 96,800 Predistribution Plan: Show your predistribution plan Assignment: Schedule 2 - fill in capital balance/loss allocations and the maximum losses that can be absorbed MaximumCapital balance / Loss loss that canPartner allocation be absorbedEdmonds 222 200 cap bal, 60% 222,200Beatty 61,600 cap bal, 20% 61,600Elder 134,200 cap bal, 20% 134,200 Assignment: Schedule 3 - fill in capital balance/loss allocations and the maximum losses that can be absorbed Partner Capital balance/ Lossallocation Maximumloss that canbe absorbed Edmonds Elder not sure if these are the right answers herenot sure if these are the right answers herenot sure if these are the right answers here Since Beatty had a negative capital balance they need to either write checks to the partnership to be distributed to Edmonds or Elder or they absorb the lossatthis point| am not sure what | am supposed to be filling in here