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: Credit Debit $ 25,eee 89,00 66. Bee 2e3,eee 44.ee Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals $ 81,820 125,000 97,eee 81, eee $ 418,eee $ 418,eee 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 $58,6ee of the accounts receivable; the balance is deemed uncollectible. Received $45,880 for the entire Inventory. Paid $9,000 in liquidation expenses. Paid $72,880 to the outside creditors after offsetting a $9,8ee credit memorandum received by the partnership on January 11. Retained $17,880 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. Paid $10,000 in liquidation expenses. Retained $5,888 cash in the business at the end of the month to cover additional liquidation expenses. Received $153,eee on the sale of all machinery and equipment. Paid $12,000 in final liquidation expenses. Retained no cash in the business. February March 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. January February March Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of January. (Amounts to be deducted should be entered with a minus sign.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation January 31 Van, Capital Bakel. Noncash Cash Liabilities and Loan Cox, Capital Capital and Assets 20% 50% Loan 30% Balances - January 1 Collected accounts receivable Sold inventory Paid liquidation expenses Paid accounts payable Subtotal (actual balances) 0 Maximum loss on assets Maximum liquidation expenses Subtotal (potential balances) 0 0 $ 0 0 0 0 Allocation of deficit capital balance Safe payments to partners - January 31 $ 0 $ $ 0 0 0 0 0 0 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: Credit Debit $ 25,eee 82.ee 66,000 2e3,eee 44.ee Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals $ 81,eee 125.ee 97.eee 81,eee $ 418,600 $ 418,eee 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 $58,6ee of the accounts receivable; the balance is deemed uncollectible. Received $45,880 for the entire inventory. Paid $9,000 in liquidation expenses. Paid $72,80 to the outside creditors after offsetting a $9,808 credit memorandum received by the partnership on January 11. Retained $17,800 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. February Paid $10,000 in liquidation expenses. Retained $5,888 cash in the business at the end of the month to cover additional liquidation expenses. March Received $153,eee on the sale of all machinery and equipment. Paid $12,8ee 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. January February March Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of February. (Amounts to be deducted should be entered with a minus sign.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation February 28 Noncash Assets Cash Bakel, Capital Cox, Capital 20% Liabilities Van, Capital and Loan 50% and Loan 30% 0 0 0 0 0 0 0 0 0 0 0 0 Balances before January 31 safe payments Safe payments to partners - January 31 Balances - February 1 Paid liquidation expenses Subtotal actual balances) Maximum loss on assets Maximum liquidation expenses Subtotal (potential balances) Allocation of deficit capital balance Safe payments to partners - February 28 0 0 0 0 0 0 0 $ 0 S 0 $ 0 $ 0 $ 0 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 $ 25,eee Accounts receivable 89,00 Inventory 66. Bee Machinery and equipient, net 2e3,eee Van, loan 44,000 Accounts payable $ 81,800 Bakel, loan Van, capital 125,000 Bakel, capital 97,eee Cox, capital 81, eee Totals $ 418,eee $ 418,eee 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 $58,6ee of the accounts receivable; the balance is deemed uncollectible. Received $45,880 for the entire inventory. Paid $9,000 in liquidation expenses. Paid $72,880 to the outside creditors after offsetting a $9,eee credit memorandum received by the partnership on January 11. Retained $17,880 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. February Paid $10,000 in liquidation expenses. Retained $5,888 cash in the business at the end of the month to cover additional liquidation expenses. March Received $153,eee on the sale of all machinery and equipment. Paid $12,000 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. January February March 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.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation March 31 Van, Cash Noncash Assets Bakel, Capital Cox, Capital Liabilities Capital and Loan 50% and Loan 30% 20% Balances before February 28 safe payments Safe payments to partners - February 28 Balances - March 1 0 0 Sold machinery Paid liquidation expenses Subtotal (actual balances) 0 0 0 0 Safe payments to partners - March 31 Ending balances - March 31 S 0 $ 0 $ $ 0 $ 0 0 0 0 0 0 0