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: \begin{tabular}{|c|c|c|} \hline & Debit & Credit \\ \hline Cash & $19,000 & \\ \hline Accounts receivable & 68,000 & \\ \hline Inventory & 54,000 & \\ \hline Machinery and equipment, net & =191,000 & \\ \hline Van, loan & 32,000 & \\ \hline Accounts payable & & $57,000 \\ \hline Bakel, loan & & 22,000 \\ \hline Van, capital & & 119,000 \\ \hline Bakel, capital & & 91,000 \\ \hline Cox, capital & & 75,000 \\ \hline Totals & $364,000 & $364,000 \\ \hline \end{tabular} 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: Januaxy Collected $52,000 of the accounts recelvable; the balance is deemed uncollectible. Recelved $39,000 for the entire inventory. Paid $3,000 in 11 quidation expenses. Fald $53,000 to the outside creditors after offeetting a $4,000 credit memorandum received by the partnership on January 11. Retained $11,000 cash in the business at the end of January to cover 11 quidation expenses. The remalnder 18 distributed to the partners. Rebxuary Pa1d \$4,000 in 11quidation expenses. Retained $6,000 cash in the business at the end of the month to cover additional 11quidation expenses. March Recelved $147,000 on the sale of all machtnexy and equipment, Baid $6,000 in final 11 quidation expenses. Retalned no cash in the buatneas. 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. Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of Januar deducted should be entered with a minus sign.) Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of Fabruarv lainaints to be deducted should be entered with a minus sign.) Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of March. (Amounts to be deducted should be entered with a minus sign.) 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: \begin{tabular}{|c|c|c|} \hline & Debit & Credit \\ \hline Cash & $19,000 & \\ \hline Accounts receivable & 68,000 & \\ \hline Inventory & 54,000 & \\ \hline Machinery and equipment, net & =191,000 & \\ \hline Van, loan & 32,000 & \\ \hline Accounts payable & & $57,000 \\ \hline Bakel, loan & & 22,000 \\ \hline Van, capital & & 119,000 \\ \hline Bakel, capital & & 91,000 \\ \hline Cox, capital & & 75,000 \\ \hline Totals & $364,000 & $364,000 \\ \hline \end{tabular} 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: Januaxy Collected $52,000 of the accounts recelvable; the balance is deemed uncollectible. Recelved $39,000 for the entire inventory. Paid $3,000 in 11 quidation expenses. Fald $53,000 to the outside creditors after offeetting a $4,000 credit memorandum received by the partnership on January 11. Retained $11,000 cash in the business at the end of January to cover 11 quidation expenses. The remalnder 18 distributed to the partners. Rebxuary Pa1d \$4,000 in 11quidation expenses. Retained $6,000 cash in the business at the end of the month to cover additional 11quidation expenses. March Recelved $147,000 on the sale of all machtnexy and equipment, Baid $6,000 in final 11 quidation expenses. Retalned no cash in the buatneas. 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. Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of Januar deducted should be entered with a minus sign.) Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of Fabruarv lainaints to be deducted should be entered with a minus sign.) Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of March. (Amounts to be deducted should be entered with a minus sign.)
