Question: I need help in this question. Please do it correctly and 100% and do not make any mistake. 2 After working for in the Kitchen
I need help in this question. Please do it correctly and 100% and do not make any mistake.


2 After working for in the Kitchen remodeling business for several years. Terry and Phyllis decided to go into business for themselves and formed the Kitchens Just for You partnership. Three years ago, they admitted Connie as a partner and recognized goodwill at that time because of her good client list for planned kitchen makeovers. However, they were not able to gain a sufficient market for new customers and on September 1, 20X9, they agreed to dissolve and liquidate the business. They decided on an installment liquidation to complete the projects already initiated. The balance sheet, with profit and loss-sharing percentages at the beginning of liquidation, is as follows: 5 points eBook Assets Cash Receivables Terry, Loan KITCHENS JUST FOR YOU Balance Sheet September 1, 2ex9 Liabilities and Equities $ 7,000 Accounts Payable 67,898 Connie, Loan 8,888 Terry, Capital (30%) 50,000 Phyllis, Capital (50%) 21,899 Connie, Capital (20%) $153,899 Total Liabilities & Equities & Print Inventory $ 40, eee 15, eee 10,800 38, cee 49, 2ee $153, Bee Goodwill Total Assets References Connie's loan was for working capital: the loan to Terry was for his unexpected personal medical bills. During September 20X9, the first month of liquidation, the partnership collected $43.000 in receivables and decided to write off $11,000 of the remaining receivables. Sales of one-half of the book value of the inventory realized a loss of $5.000. The partners estimate that the costs of liquidating the business (newspaper ads, signs, etc.), are expected to be $7.000 for the remainder of the liquidation process. During September 20X9, the first month of liquidation, the partnership collected $43.000 in receivables and decided to write off $11,000 of the remaining receivables. Sales of one-half of the book value of the inventory realized a loss of $5.000. The partners estimate that the costs of liquidating the business (newspaper ads, signs, etc.), are expected to be $7.000 for the remainder of the liquidation process. Required: Prepare a schedule of safe payments to partners as of September 30, 20X9, to show how the available cash should be distributed to the partners. Please follow the practical guidelines when completing this worksheet. Phyllis Connie KITCHENS JUST FOR YOU Schedule of Safe Payments to Partners Terry Capital balances, September 1, 20X9 Loans to (from) partner Total Write-off of goodwill Write-off of receivables Loss on sale of inventory Capital balances, September 30, 20X9 Possible loss for remaining receivables and inventory Possible liquidation costs Balances Distribute any potential deficits Safe payments to partners, September 30, 20X9
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