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The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2018 (before commencement of partnership liquidation) was as follows: $ Cash Inventory
The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2018 (before commencement of partnership liquidation) was as follows: $ Cash Inventory Loan to Maude Loan to Oscar Plant assets-net $ 70,000 60,000 10,000 18,000 80,000 Accounts payable Notes payable Maude, capital(20%) Ned, capital(20%) Oscar, capital(60%) 42,000 68,000 30,000 32,000 66,000 Total assets $238.000 Total liabilities & equity $238.000 Liquidation events in November were as follows: - All the inventory was sold for $10,000 above book value; - All plant assets were sold for $34,000. Prepare a statement of partnership liquidation and a safe payment schedule for the period ending November 31, 2018
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