Question 17

In its predistribution plan, what is the amount of cash allocated to Norris in step 2?

$35,670

$35,500

$37,000

$43,700

Question 13

In its loss simulation schedule, what is the amount of assumed loss in step 1?

	$133,333
	$130,000
	$134,050
	$132,070

Question 14

In its loss simulation schedule, what is the amount of assumed loss in step 2?

	$120,880
	$153,417
	$130,070
	$154,000

Question 15

In its loss simulation schedule, what is the amount of assumed loss in step 3?

	$44,250
	$42,500
	$45,200
	$43,500

Question 16

In its predistribution plan, what is the amount of cash allocated to liabilities and estimated liquidation expenses in step 1?

	$65,000
	$97,000
	$87,000
	$75,000

Question 17

In its predistribution plan, what is the amount of cash allocated to Norris in step 2?

	$35,670
	$35,500
	$37,000
	$43,700

The partnership of Wingler, Norris Rodgers, and Guthrie was formed several years ago as a architectural firm. Several partnersrecently had personal financdal problem s and deded to terminate operations and liquidate the business. The following balance sheet summarizec its financial information on January 5 at the beginning of this process: Cash Accounts Receivable InventorY Land Building and Equipment inet Total Assets $17,000 80,000 100,000 57,000 193,000 447,000 Liabilities Rodgers Loan Wingler, Capital Norris, Capital Rodgers Capital Gu thrie, Capital Total Liabilities and Capital $79,000 25,000 141,000 100,000 62,000 40.000 47,000 The estimated liquidation expenses were Profit and loss allocation ratio according to the provisions of par tnership agreement: 18,000 Norris Rodgers Guthrie 20% 10% 30% The following transactions occurred during the liquidation: Jan. 14 Collected 70% of the total accounts receivalbe with the rest judged to be uncollectible Feb. 23 Sold the land, building and equipment for Mar. 1 Made safe capital distributions Mar.29 Learned that Guthrie became personally in solvent Apr, 3 Pa liabilitie s Jun. 30 Sold all inventory for 70% 180,000 55,000 ul 1 Made safe capital distributions again Sep, 26 Paid liquidation expenses Nov, 4 Made final cash distrubtions to the partners based on the assumption that all partners except Guthrie are personally solvent. 15,000