Saved Help Save & Exit Sul Check my wor The partnership of Butler, Osman, and Wa

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Saved Help Save & Exit Sul Check my wor 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 $48000 are expected The partnership balance sheet at the start of liquidation is as follows Cash Accounts receivable office ecuipment (net) Building (net) Land 44,000 Liabilities 74,000 Butler, loan 64,000Butler, capital (25) 180,000 Osman, capital (25%) 170,000 yard, capital (501 ) 184, 000 , 000 120,000 44, 000 Total assets 532,000 Ttal liabilities and capital 532,000 Prepare a predistribution plan for this partnership. Butler, Loan Osman, Ward, Beginning balances Step one balances Step two balances Loss Loss 12 of at 2 Next >

Explanation / Answer

Working:

Butler Loan and Capital Osman, Capital Ward, Capital Begining Balances 164000 44000 140000 Loss (176,000) -44000 -44000 -88000 Step one balances 120000 0 52000 Loss (78,000) -26000 -52000 Step two balances 94000 0 0

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