Help Save & Exit Submit Check my work On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively decide to terminate operations and liquidate their partnership. The trial balance at this date follows: Debit Credit Cash $ 35,000 Accounts receivable 100,000 Inventory 86.000 Machinery and equipment, net 223,000 Van, loan 64,000 Accounts payable $ 91,000 Bakel, loan 54,000 Van, capital 165,000 Bakel, capital 107,000 Cox, capital 91,000 Totals $ 508,000 $ 508,000 The partners plan a program of piecemeal conversion of the partnership's assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: January Collected $68,000 of the accounts receivable: the balance is deemed uncollectible. Received $55,000 for the entire inventory. Paid $3,000 in liquidation expenses. Paid $87,000 to the outside creditors after offsetting a $4,000 credit memorandum received by the partnershid on January 11. Show All Seved Help Save & Exit Submit Check my work The partners plan a program of plecemeal conversion of the partnership's assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: January Collected $68,000 of the accounts receivable: the balance to deaned uncollectible. Received $55,000 for the entire inventory Paid $3,000 in liquidation expenses. Paid $87,000 to the outside creditors after offsetting a $4,000 credit memorandum received by the partnership on January 11. Retained $27,000 cash in the business at the end of January to cover liquidation expenses. The remainder la distributed to the partnera. February Paid $4,000 in liquidation oxpenses. Retained $15,000 cash in the business at the end of the month to cover additional liquidation expenses. March Received $163,000 on the sale of all machinery and equipment, Paid $6,000 in final liquidation expenses. Retained no cash in the business. Prepare proposed schedules of liquidation on January 31, February 28, and March 31 to determine the safe payments made to the partners at the end of each of these three months. Complete this question by entering your answers in the tabs below. Show All Check my January February March Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of January. (Amo deducted should be entered with a minus sign.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation January 31 Cash Noncash Assets Liabilities Van, Capital and Loan 50% Bakel, Capital and Loan 30% Cox, Capital 20% Balances - January 1 Collected accounts receivable Sold inventory Paid liquidation expenses Paid accounts payable Subtotal (actual balances) Maximum loss on assets Maximum liquidation expenses Subtotal (potential balances) Allocation of deficit capital balance 0 0 0 0 0 0 0 0 $ 0 0 0 0 e e e ne