ACTG 324 Homework assignment 5: Safe installment payment Due date: See the announcement on the D2L Name: Note: This homework assignment accounts for 6 points. No point will be given when (1) it is incomplete, (2) it is past due, (3) no work is provided, or (4) most answer/work is incorrect. Points will be deducted if part of the answer/work provided is incorrect. On July 1, 2022, the partners of Ariel, Frank, and George (who shared profits and losses in the ratio of 4:4:2, respectively) decided to liquidate their partnership. The balance sheet at this date was as follows: The partners planned a program of piecemeal conversion of the business assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, was to be distributed to the partners at the end of each month. A summary of liquidation transactions during July follows: 1. $81,700 was collected on the accounts receivable; the balance was deemed to be uncollectible. 2. $64,800 was received for the entire inventory. 3. $6,700 in liquidation expenses were paid. 4. $79,700 was paid to outside creditors, after receiving a $8,500 credit memo from a creditor. 5. Cash of $16,000 was retained at the end of the month to cover unrecorded liabilities and anticipated expenses. The safe payment of cash was distributed to the partners. (1) Calculate the actual loss for July and potential liquidation loss. (2) Calculate the safe payments to be made to the partners at the end of July. Round your final answers to the nearest dollar when needed. (1) Calculate the actual loss for July and potential liquidation loss. Answer: Actual loss: Potential lo (2) Calculate the safe payments to be made to the partners at the end of July