Hell 9 Problem 15-30 (Algo) (LO 15-1, 15-4) 12 ints 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 Book Part A Print The Buarque, Monte, and Vinicius partnership reports the following accounts. Vinicius is personally Insolvent and can contribute only an additional $33,000 to the partnership References Cash Liabilities Monte, loan Buarque, capital (50% of profits and losses) Monte, capital (251) Vinicius, capital (258) $154,000 59,000 68,000 24,000 42,000 (39,000) (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 rets $44.000 29,000 199,000 Lisabilities Langston, loan Drawdy, capital (40%) Langston, capital (304) Pearl, capital (308) 859,000 25,000 19,000 74,000 24,000 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 $ 44,000 29,000 198,000 Liabilities Langston, loan Drawdy, capital (409) Langaton, capital (309) Pearl, capital (308) Total liabilities and capital $ 59,000 25,000 89,000 74,000 24,000 $271,000 Total assets $271,000 The firm sells the noncash assets for $144,000; it will use $39,000 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 Noncah andets $44,000 29,000 198,000 Liabilities Langston, loan Drawdy, capital Langaton, capital Pearl, capital Total liabilities and capital $ 59,000 25,000 89.000 74,000 28,000 $271,000 Total assets $271,000 AAAAAEL Anne All The firm sells the noncash assets for $144,000, it will use $30,000 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 (308) Riedel, capital (208) Schnee, capital (206) $ 9,000 30,000 (68,000) deficit (54,000) deficit 39,000 44,000 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Schnee, capital (208) 39,000 44,000 Complete this question by entering your answers in the tabs below. 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, assu that all solvent partners will reimburse the partnership for their deficit capital balances. os Buarque Capital Monte, Loan and Capital Vinicius, Capital Beginning balances Contribution by Vinicius Capital balances Elimination of Vinicius's deficit Final distribution DI
