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pship liq quiz - Quiz 4 Partnership Liquidation ACG 4133...

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Quiz 4: Partnership Liquidation ACG 4133, Fall 2008 Name: UF ID: Part A 1. The trial balance of the partnership at June 30, 2004, is as follows. debit Cash 6000 Accounts Receivable 22000 Inventory 14000 Plant and Equipment (net) 99000 Baker, Advance 12000 Weak, Advance 7500 Accounts Payable Baker, Capital Strong, Capital Weak, Capital Total 160500 2. The partnership share profits and losses as follows: Baker, 40%; Strong 40%; and Weak, Required for Part A: Part B July 16500 -collected on accounts receivable; balance is uncollectible. 10000 -received for the entire inventory 1000 -liquidation expenses paid 17000 - all accounts payable are paid Required for Part B: Baker, Strong, and Weak have called on you to assist them inw inding up the affairs of thei You are able to gather the following infomration. 3. The partners are considering a potential one-shot offer of $100,000 for all the non-cash a accounts receivable, inventory, and plant and equipment as of June 30. (i) Prepare an advance (cash distribution) plan as of June 30, 2004. (ii) Prepare a schedule the potential cash ($106,000) would be distributed if the offer was accepted.
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