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On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Cash Accounts Receivable Inventory Machinery and Equipment (net) Accounts Payable Art, Capital Bru, Capital Chou, Capital Total Debit $ 19,800 70,500 56,500 193,500 $340,300 Credit $ 54,800 92,500 114,500 78,500 $340,300 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows:

Prepare a statement of partnership liquidation for the partnership with schedules of safe payments to partners. (Round your answers to nearest whole dollar.) January 201 1. Collected $54,600 on accounts receivable; the balance is uncollectible. 2. Received $40,700 for the entire inventory. 3. Paid $2,900 liquidation expenses. 4. Paid $52,200 to creditors, after offset of a $2,600 credit memorandum received on January 11,201. 5. Retained $11,800 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. February 201 6. Paid $4,900 liquidation expenses. 7. Retained $6,900 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses: March 20x1 8. Received $149.600 on sole of all items of machinery and equipment. 9. Paid $5,900 liquidation expenses. 10. Retained no cash in the business. ABC PARTNERSHIP Schedule of Safe Payments to Partners \begin{tabular}{|l|c|c|c|} \hline & Art50% & Bru30% & Chou20% \\ \hline Schedule 1: January 31, 20X1 & & & \\ \hline Capital balances & & & \\ \hline Potential Losses and Expenses & & & \\ \hline & & & \\ \hline Allocation of potential deficit & & & \\ \hline Safe payment, January 31, 20X1 & & & \\ \hline & & & \\ \hline Schedule 2: February 27, 20X1 & & & \\ \hline Capital balances & & & \\ \hline Potential Losses and Expenses & & & \\ \hline & & & \\ \hline Allocation of potential deficit & & & \\ \hline Safe payment, February 27, 20X1 & & & \\ \hline \end{tabular} On January 1,20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The parthership trial balance at this date follows: The parthers plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: Prepare a statement of partnership liquidation for the partnership with schedules of safe payments to partners. (Round your answers to nearest whole dollar.) January 201 1. Collected $54,600 on accounts receivable; the balance is uncollectible. 2. Received $40,700 for the entire inventory. 3. Paid $2,900 liquidation expenses. 4. Paid $52,200 to creditors, after offset of a $2,600 credit memorandum received on January 11,201. 5. Retained $11,800 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. February 201 6. Paid $4,900 liquidation expenses. 7. Retained $6,900 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses: March 20x1 8. Received $149.600 on sole of all items of machinery and equipment. 9. Paid $5,900 liquidation expenses. 10. Retained no cash in the business. ABC PARTNERSHIP Schedule of Safe Payments to Partners \begin{tabular}{|l|c|c|c|} \hline & Art50% & Bru30% & Chou20% \\ \hline Schedule 1: January 31, 20X1 & & & \\ \hline Capital balances & & & \\ \hline Potential Losses and Expenses & & & \\ \hline & & & \\ \hline Allocation of potential deficit & & & \\ \hline Safe payment, January 31, 20X1 & & & \\ \hline & & & \\ \hline Schedule 2: February 27, 20X1 & & & \\ \hline Capital balances & & & \\ \hline Potential Losses and Expenses & & & \\ \hline & & & \\ \hline Allocation of potential deficit & & & \\ \hline Safe payment, February 27, 20X1 & & & \\ \hline \end{tabular} On January 1,20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The parthership trial balance at this date follows: The parthers plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows

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