check my A partnership is considering possible liquidation because one of the partners $($Bell$)$ is personally insolvent. Profits and losses are divided on a $4$:$3$:$2$:$1$ basis, respectively. Capital balances at the current time are $\backslash$begin$\{$tabular$\}\{$lr$\}$ Bell, capital & $\backslash (\backslash$$ $81,000\backslash )\backslash \backslash$ Hardy, capital & $68,000\backslash \backslash$ Dennard, capital & $17,000\backslash \backslash$ Suddath, capital & $92,000\backslash$end$\{$tabular$\}$ Bell's creditors have filed a $\backslash (\backslash$$ $33,000\backslash )$ claim against the partnership's assets. The partnership currently holds assets of $\backslash (\backslash$$ $420,000\backslash )$ and liabilities of $\backslash$$$162,000.$ An independent appraiser indicates that the assets can be sold for $\backslash$$$250,000.$ Required: Prepare a statement of partnership liquidation to determine the amount of cash that Bell would receive from the sale of partnership assets. Note: Amounts to be deducted should be entered with a minus sign. $\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|$l$|$l$|$l$|\}\backslash$hline $\backslash$multicolumn$\{8\}\{|$c$|\}\{$BELL$,$ HARDY, DENNARD, AND SUDDATH PARTNERSHIP$\}\backslash \backslash \backslash$hline $\backslash$multicolumn$\{8\}\{|$c$|\}\{$Statement of Partnership Liquidation $($Hypothetical$)\}\backslash \backslash \backslash$hline & Cash & Assets & Liabilities & Bell, Capital $40\backslash \%$ & Hardy, Capital $30\backslash \%$ & Dennard, Capital $20\backslash \%$ & Suddath, Capital $10\backslash \%\backslash \backslash \backslash$hline Balances & $\backslash$$ $0$ & $\backslash$$ $420,000$ & $\backslash$$ $162,000$ & $\backslash$$ $81,000$ & $\backslash$$ $68,000$ & $\backslash$$ $17,000$ & $\backslash$$ $92,000\backslash \backslash \backslash$hline Sale of assets & $\backslash$$ $250,000$ & $\backslash$$ $\backslash ((420,000)\backslash )$ & & $\backslash ((68,000)\backslash )$ & $\backslash ((51,000)\backslash )$ & $\backslash ((34,000)\backslash )$ & $\backslash ((17,000)\backslash )\backslash \backslash \backslash$hline Subtotal & $\backslash$$ $250,000$ & $0$ & $162,000$ & $13,000$ & $17,000$ & $\backslash ((17,000)\backslash )$ & $75,000\backslash \backslash \backslash$hline Pay liabilities & $\backslash ((162,000)\backslash )$ & & $\backslash ((162,000)\backslash )$ & & & & $\backslash \backslash \backslash$hline Subtotal & $\backslash$$ $88,000$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $13,000$ & $\backslash$$ $17,000$ & $\backslash$$ $\backslash ((17,000)\backslash )$ & $\backslash$$ $75,000\backslash \backslash \backslash$hline Allocate deficit & & & & & $\backslash ((7,000)\backslash )$ & $17,000$ & $\backslash \backslash \backslash$hline Subtotal & $\backslash$$ $88,000$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $13,000$ & $\backslash$$ $10,000$ & $\backslash$$ $0$ & $\backslash$$ $75,000\backslash \backslash \backslash$hline Distribute cash & $\backslash ((88,000)\backslash )$ & & & & $\backslash ((10,000)\backslash )$ & & $\backslash \backslash \backslash$hline Ending balances & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $13,000$ & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $75,000\backslash \backslash \backslash$hline $\backslash$end$\{$tabular$\}$ Prev $2$ of $7$ Next