Question: After working for in the Kitchen remodeling business for several years. Terty and Phyilis decided to go into business for themselves and formed the Kitchens

 After working for in the Kitchen remodeling business for several years.

Terty and Phyilis decided to go into business for themselves and formed

After working for in the Kitchen remodeling business for several years. Terty and Phyilis decided to go into business for themselves and formed the Kitchens Just for You partnership. Three years ago, they admitted Connle 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: Connle's loan was for working capital; the loan to Terry was for his unexpected personal medical bills. During September 209, the first month of liquidation, the partnership collected $44,000 in recelvables and decided to write off $3,000 of the remaining recelvables. Sales of one haif of the book value of the inventory realized a loss of $7,000. The partners estimate that the costs of llquidating the business (newspaper ads, signs, etc), are expected to be $5,000 for the remainder of the liquidation process. Required: Prepare a schedule of safe payments to partners as of September 30,209, to show how the avallable cash should be distributed to the partners. Please follow the practical guidelines when completing this worksheet

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