Use the following information for questions I and 2. On June 30, 2020, the Warle, Xin,...

 

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Use the following information for questions I and 2. On June 30, 2020, the Warle, Xin, and Yates partnership had the following fiscal year-end balance sheet: S 7,000 5,000 14,000 10,000 6,000 42,000 Accounts payable Loan from Xin $4.000 6,000 14,000 12,000 6.000 42,000 Cash Accounts receivable Inventory Plant assets-net Loan to Warle Total assets Warle, capital(20%) Xin, capital(30%) Yates, capital(50%) Total ljab,/equity The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnerst on July 1, 2020, and began the liquidation process. During July the following events occurred: Receivables of $3,000 were collected. The inventory was sold for $4,000. All available cash was distributed on July 31, except for $2,000 that was set aside for contingent expenses. 1. The book value of the partnership equity (i.e., total equity of the partners) on June 30, 2020 is: The cash available for distribution to the partners on July 31, 2020 is: Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $10,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: 3. Cash $400,000 200.000 Accounts payable Abe, capital (40%) Вапт, саpital (30%6) Cane, capital (30%) Total liablequity $200,000 135,000 216,000 49.000 $600.000 Other assets Total assets $600.000 How much cash should Barr receive in the first distribution? 2. Use the following information for questions I and 2. On June 30, 2020, the Warle, Xin, and Yates partnership had the following fiscal year-end balance sheet: S 7,000 5,000 14,000 10,000 6,000 42,000 Accounts payable Loan from Xin $4.000 6,000 14,000 12,000 6.000 42,000 Cash Accounts receivable Inventory Plant assets-net Loan to Warle Total assets Warle, capital(20%) Xin, capital(30%) Yates, capital(50%) Total ljab,/equity The percentages shown are the residual profit and loss sharing ratios. The partners dissolved the partnerst on July 1, 2020, and began the liquidation process. During July the following events occurred: Receivables of $3,000 were collected. The inventory was sold for $4,000. All available cash was distributed on July 31, except for $2,000 that was set aside for contingent expenses. 1. The book value of the partnership equity (i.e., total equity of the partners) on June 30, 2020 is: The cash available for distribution to the partners on July 31, 2020 is: Abe, Barr, and Cane are in the process of liquidating their partnership. Since it may take several months to convert the other assets into cash, the partners agree to distribute all available cash immediately, except for $10,000 that is set aside for contingent expenses. The balance sheet and residual profit and loss sharing percentages are as follows: 3. Cash $400,000 200.000 Accounts payable Abe, capital (40%) Вапт, саpital (30%6) Cane, capital (30%) Total liablequity $200,000 135,000 216,000 49.000 $600.000 Other assets Total assets $600.000 How much cash should Barr receive in the first distribution? 2.