P 15-33 Saved Help 1 Required information (The following information applies to the questions displayed below.) Part 1 of 2 Complete the following questions by preparing worksheet and journal entries given below. 5 points The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $56,000 are expected. The partnership balance sheet at the start of liquidation is as follows: eBook Print References Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 52,000 82,000 72,000 220,000 210,000 $ 636,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (258) Ward, capital (508) Total liabilities and capital $ 192,000 52,000 160,000 52,000 180,000 $ 636,000 Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances LOSS $ 0 $ 0 $ 0 Step one balances Loss Step two balances $ 0 $ 0 $ 0 P 15-33 i Saved 2 Required information Journal entry worksheet Part 2 of 2 1 2 3 4 5 6 > 5 points Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 2 1 Required information Journal entry worksheet Part 2 of 2 5 points Sold the office equipment for $31,000, the building for $166,000, and the land for $208,000. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal 2. Required information Journal entry worksheet Part 2 of 2 5 points Made safe capital distributions. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal 2 Required information Journal entry worksheet Part 2 of 2 5 points Paid actual liquidation expenses of $41,000 only. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 5 Record entry Clear entry View general journal 2 Required information Journal entry worksheet Part 2 of 2 Part 2 of 2 2 3 4 5 6 5 points Made final cash distributions to the partners. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 6 Record entry Clear entry View general journal P 15-33 Saved Help 1 Required information (The following information applies to the questions displayed below.) Part 1 of 2 Complete the following questions by preparing worksheet and journal entries given below. 5 points The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $56,000 are expected. The partnership balance sheet at the start of liquidation is as follows: eBook Print References Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 52,000 82,000 72,000 220,000 210,000 $ 636,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (258) Ward, capital (508) Total liabilities and capital $ 192,000 52,000 160,000 52,000 180,000 $ 636,000 Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances LOSS $ 0 $ 0 $ 0 Step one balances Loss Step two balances $ 0 $ 0 $ 0 P 15-33 i Saved 2 Required information Journal entry worksheet Part 2 of 2 1 2 3 4 5 6 > 5 points Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 2 1 Required information Journal entry worksheet Part 2 of 2 5 points Sold the office equipment for $31,000, the building for $166,000, and the land for $208,000. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal 2. Required information Journal entry worksheet Part 2 of 2 5 points Made safe capital distributions. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal 2 Required information Journal entry worksheet Part 2 of 2 5 points Paid actual liquidation expenses of $41,000 only. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 5 Record entry Clear entry View general journal 2 Required information Journal entry worksheet Part 2 of 2 Part 2 of 2 2 3 4 5 6 5 points Made final cash distributions to the partners. eBook Note: Enter debits before credits. Print References Transaction General Journal Debit Credit 6 Record entry Clear entry View general journal