Refer to the information in problem 16-17. Assume the following cash amounts were received during the months of July, August, and September from the sale of DSV Partnership’s noncash assets:

July ................$390,000

August ............. 22,000

September ..... 55,000

The partnership wishes to keep $10,000 of cash on hand at the end of both July and August to pay for unexpected liquidation expenses.

It paid liquidation expenses of $2,500 at the end of each month, July, August, and September.

In Problem 16-17

Additional Information

1. The personal assets (excluding partnership loan and capital interests) and personal liabilities of each partner as of June 30, 20X5, follow:

2. The DSV Partnership was liquidated during the months of July, August, and September. The assets sold and the amounts realized follow:

Required
a. Prepare a statement as of June 30, 20X5, showing how cash will be distributed among partners as it becomes available.
b. Prepare schedules showing how cash is distributed at the end of July, August, and September20X5.

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Personal assets Personal liabilities $250,000 (270,000) (420 $450,000 300,000 240,000) S 60,000 420,000) ( Personal net worth (20,000) 30,000 Month July Assets Sold Carrying Amount Amount Realized Inventories Accounts receivable (net) Property, plant, & equipment Inventories Accounts receivable (net) Accounts receivable (net) Property, plant, & equipment 50,000 60,000 400,000 25,000 10,000 25,000 100,000 45,000 40,000 305,000 18,000 4,000 10,000 45,000 August September