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2 The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: ints Skipped Cash Accounts receivable Inventory Land Building and equipment (net) $ 19,eee Liabilities 86,080 Rodgers, loan 105,880 Wingler, capital (30%) 87,880 Norris, capital (10%) 170,000 Rodgers, capital (20%) Guthrie, capital (40%) $467,880 Total liabilities and capital $ 71,eee 39, eee 126, Bee 92,888 76,000 63,eee $467, see eBook Total assets Print References When the liquidation commenced, liquidation expenses of $14.000 were anticipated as being necessary to dispose of all property. Part A Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler. Norris, Rodgers, and Guthrie partnership: 1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $152.000. 3. Distributed safe payments of cash. 4. Learned that Guthrie. who has become personally insolvent will make no further contributions. 5. Paid all liabilities. 6. Sold all inventory for $78.000. 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $11,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. Prepare journal entries to record these liquidation transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a predistribution plan for this partnership. (Do not round intermediate calculations.) Wingler, Norris, Rodgers, Guthrie, Loan and Capital Capital Capital Capital Beginning balances Assumed loss of Schedule 1 Step one balances S 0 S 0 S 0 S 0 Assumed loss of Schedule 2 Step two balances S 0 S 0 S OS 0 Assumed loss of Schedule 3 Step three balances S 0 S 0 S 0 S 0 Required A Required B Prepare journal entries to record these liquidation transactions. (Do not round intermediate calculations. Round the final answers to nearest dollar amounts. If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cash received from accounts receivable and loss allocated to partners. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal 2 The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: ints Skipped Cash Accounts receivable Inventory Land Building and equipment (net) $ 19,eee Liabilities 86,080 Rodgers, loan 105,880 Wingler, capital (30%) 87,880 Norris, capital (10%) 170,000 Rodgers, capital (20%) Guthrie, capital (40%) $467,880 Total liabilities and capital $ 71,eee 39, eee 126, Bee 92,888 76,000 63,eee $467, see eBook Total assets Print References When the liquidation commenced, liquidation expenses of $14.000 were anticipated as being necessary to dispose of all property. Part A Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler. Norris, Rodgers, and Guthrie partnership: 1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $152.000. 3. Distributed safe payments of cash. 4. Learned that Guthrie. who has become personally insolvent will make no further contributions. 5. Paid all liabilities. 6. Sold all inventory for $78.000. 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $11,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. Prepare journal entries to record these liquidation transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a predistribution plan for this partnership. (Do not round intermediate calculations.) Wingler, Norris, Rodgers, Guthrie, Loan and Capital Capital Capital Capital Beginning balances Assumed loss of Schedule 1 Step one balances S 0 S 0 S 0 S 0 Assumed loss of Schedule 2 Step two balances S 0 S 0 S OS 0 Assumed loss of Schedule 3 Step three balances S 0 S 0 S 0 S 0 Required A Required B Prepare journal entries to record these liquidation transactions. (Do not round intermediate calculations. Round the final answers to nearest dollar amounts. If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cash received from accounts receivable and loss allocated to partners. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal