Help plz. I have finished most of them. The partnership of Wingler, Norris,...
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Help plz. I have finished most of them.
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: Cash Accounts receivable Inventory Land Building and equipment (net) $ 55,000 122,000 141,000 105,000 188,000 Liabilities Rodgers, loan Wingler, capital (30%) Norris, capital (10%) Rodgers, capital (20%) Guthrie, capital (40%) Total liabilities and capital $ 59,000 75,000 180,000 128,000 94,000 75,000 $ 611,000 Total assets $ 611,000 When the liquidation commenced, liquidation expenses of $20,000 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 $170,000. 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 $99,000. 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $14,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. > Answer is not complete. 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, Capital Norris, Capital Rodgers, Loan and Capital Guthrie, Capital Beginning balances $ 180,000 $ 169,000 $ 75,000 $ 128,000 18,750 Assumed loss of Schedule 1 56,250 37,500 (75,000) Step one balances $ 123,750 $ 131,500 $ 0 109,250 Assumed loss of Schedule 2 (123,750) 0 Step two balances $ 0 $ 109.250 $ 131,500 $ 0 Assumed loss of Schedule 3 0 0 Step three balances $ 0 $ 109,250 $ 131,500 $ 0 No Transaction General Journal Debit Credit 1 01 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Accounts receivable 2 02 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Land Building and equipment 3 03 Wingler, Capital Norris, Capital Rodgers, Loan Rodgers, Capital Cash 4 04 No journal entry required 5 05 Liabilities Cash 6 06 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Inventory 7 07 Wingler, Capital Norris, Capital Rodgers, Capital Cash 8 08 Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Cash 9.a Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital 10 9.b Wingler, Capital Norris, Capital Rodgers, Capital Cash 1 Record the cash received from accounts receivable and loss allocated to partners. 2 Record the cash received from land, building and equipment and allocate loss to partners. 3 Record the entry for initial distribution of cash as per predistribution plan. Record Guthrie's insolvency. 5 Record the settlement of all liabilities. 6 Record the cash received from inventory and loss allocated to partners. Record the distribution of cash as per predistribution plan. 8 Record the cash paid for liquidation expenses. 9 Record the elimination of deficit balance of insolvent partner. 10 Record the distribution of remaining cash based on final capital balances. 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: Cash Accounts receivable Inventory Land Building and equipment (net) $ 55,000 122,000 141,000 105,000 188,000 Liabilities Rodgers, loan Wingler, capital (30%) Norris, capital (10%) Rodgers, capital (20%) Guthrie, capital (40%) Total liabilities and capital $ 59,000 75,000 180,000 128,000 94,000 75,000 $ 611,000 Total assets $ 611,000 When the liquidation commenced, liquidation expenses of $20,000 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 $170,000. 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 $99,000. 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $14,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. > Answer is not complete. 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, Capital Norris, Capital Rodgers, Loan and Capital Guthrie, Capital Beginning balances $ 180,000 $ 169,000 $ 75,000 $ 128,000 18,750 Assumed loss of Schedule 1 56,250 37,500 (75,000) Step one balances $ 123,750 $ 131,500 $ 0 109,250 Assumed loss of Schedule 2 (123,750) 0 Step two balances $ 0 $ 109.250 $ 131,500 $ 0 Assumed loss of Schedule 3 0 0 Step three balances $ 0 $ 109,250 $ 131,500 $ 0 No Transaction General Journal Debit Credit 1 01 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Accounts receivable 2 02 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Land Building and equipment 3 03 Wingler, Capital Norris, Capital Rodgers, Loan Rodgers, Capital Cash 4 04 No journal entry required 5 05 Liabilities Cash 6 06 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Inventory 7 07 Wingler, Capital Norris, Capital Rodgers, Capital Cash 8 08 Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Cash 9.a Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital 10 9.b Wingler, Capital Norris, Capital Rodgers, Capital Cash 1 Record the cash received from accounts receivable and loss allocated to partners. 2 Record the cash received from land, building and equipment and allocate loss to partners. 3 Record the entry for initial distribution of cash as per predistribution plan. Record Guthrie's insolvency. 5 Record the settlement of all liabilities. 6 Record the cash received from inventory and loss allocated to partners. Record the distribution of cash as per predistribution plan. 8 Record the cash paid for liquidation expenses. 9 Record the elimination of deficit balance of insolvent partner. 10 Record the distribution of remaining cash based on final capital balances
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