hello tutors someone to assist me with the questions below

LO 15-2, 15-4

21.Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows:

Part A

Prepare journal entries for the following transactions:

a.Distributed safe cash payments to the partners.

b.Paid $40,000 of the partnership's liabilities.

c.Sold noncash assets for $220,000.

d.Distributed safe cash payments to the partners.

e.Paid all remaining partnership liabilities of $40,000.

f.Paid $8,000 in liquidation expenses; no further expenses will be incurred.

g.Distributed remaining cash held by the business to the partners.

Part B

Prepare a final statement of partnership liquidation.

LO 15-5

22.The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation expenses. All partners are currently solvent.

The balance sheet reported by this partnership at the time that the liquidation commenced follows. The percentages indicate the allocation of profits and losses to each of the four partners.

Based on the information provided, prepare a predistribution plan for liquidating this partnership.

LO 15-5

23.The following partnership is being liquidated:

a.Liquidation expenses are estimated to be $12,000. Prepare a predistribution schedule to guide the distribution of cash.

b.Assume that assets costing $28,000 are sold for $40,000. How is the available cash to be divided?

LO 15-5

24.A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business's balance sheet prior to the commencement of liquidation is as follows:

Prepare a predistribution plan for this partnership.

LO 15-3

25.The following information concerns two different partnerships. These problems should be viewed as independent situations.

Part A

The partnership of Ross, Milburn, and Thomas has the following account balances:

This partnership is being liquidated. Ross and Milburn are each entitled to 40 percent of all profits and losses with the remaining 20 percent to Thomas.

a.What is the maximum amount that Milburn might have to contribute to this partnership because of the deficit capital balance?

b.How should the $19,000 cash that is presently available in excess of liabilities be distributed?

c.If the noncash assets are sold for a total of $41,000, what is the minimum amount of cash that Thomas could receive?

Part B

The partnership of Sampson, Klingon, Carton, and Romulan is being liquidated. It currently holds cash of $9,000 but no other assets. Liabilities amount to $24,000. The capital balances are as follows:

Profits and losses are allocated on the following basis: Sampson, 40 percent, Klingon, 20 percent, Carton, 30 percent, and Romulan, 10 percent.

a.If both Klingon and Romulan are personally insolvent, how much money must Carton contribute to this partnership?

b.If only Romulan is personally insolvent, how much money must Klingon contribute? How will these funds be disbursed?

c.If only Klingon is personally insolvent, how much money should Sampson receive from the liquidation?