please answer the question in this same format, filling out all fields the same way it was asked (using the same chart), please.
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 46,000 254,000 Liabilities Drysdale, loan Drysdale, capital (502) Koufax, capital (308) Marichal, capital (202) $ 45,000 30,000 85,000 75,000 65,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $25,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $84,000 are sold for $65,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. Loss Maximum Loss Partner Capital Balance That Can Be Allocation Absorbed Step 1 Drysdale % Koufax % Marichal Step 2 Koufax Marichal % % %
The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 46,000 254,000 Liabilities Drysdale, loan Drysdale, capital (508) Koufax, capital (308) Marichal, capital (208) $ 45,000 30,000 85,000 75,000 65,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $25,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $84,000 are sold for $65,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Reg A1 Req A2 ReqB a Liquidation expenses are estimated to be $25,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash Liabilities Liquidation expenses First Next Next % % % All remaining cash Drysdale % % % The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 46,000 254,000 Liabilities Drysdale, loan Drysdale, capital (508) Koufax, capital (308) Marichal, capital (20) $ 45,000 30,000 85,000 75,000 65,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $25,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $84,000 are sold for $65,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Assume that assets costing $84,000 are sold for $65,000. How is the available cash to be divided? Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution S S 0 S 0 Koufax Marichal Total Cash distribution to partners: Drysdale First Next Next Total $ $ 0 0 s S 0 $ $ 0 os S
