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  3. 2. the partnership of dewey, cheatem, and howe has

2. The partnership of Dewey, Cheatem, and Howe has elected to cease all ope property....

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Accounting

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2. The partnership of Dewey, Cheatem, and Howe has elected to cease all ope property. A balance sheet drawn up at this time show the following account balances: rations and liquidate its business $35,000 101,000 61.000 Cas. $ 48,000 Noncash assett.1 Liabilities. Dewey, capital (60%) Cheatem, capital (2006) Howe, capital (20%) 77,000 Total Asset.. $225,000 Total liabilities & capital $225,000 The following transactions occur in liquidating this business: . Distribute safe capital balances immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $80,000 for $48,000. . Paid all liabilities. .Distributed safe capital balances again. . Sold remaining noncash assets for $44,000 . Paid liquidation expenses of $7,000. Prepare a predistribution plan and a final statement of liquidation for this partnership. 2. (30 Dewey, Cheatem &Howe Partnership) Predistribution plan schedules Dewey, Cheatem & Howe Predistribution Plan Available Cash Dewey, Cheatem & Howe Schedule of Partnership Liquidation Final Balances Dewey Cheatem, Howe Capital Capital Capital Noncash Assets | Liabilities : (60%) Cash

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