act 470 mod 8

Anonymous
timer Asked: Dec 18th, 2018
account_balance_wallet $35

Question description

Option #2: Partnership Transactions

Partners in the ABCD Partnership decided to dissolve their partnership. On that date, the partners had the following pre-liquidation capital balances:

Partner A$28,000
Partner B41,000
Partner C18,000
Partner D12,000

A, B, C, and D share residual profits and losses in a 4:3:2:1 ratio.

Liabilities at the date of dissolution total $100,000, and noncash assets equal $105,000. During the first month of liquidation, assets having a book value of $55,000 were sold for $31,000. During the second month, assets having a book value of $32,000, were sold for $28,000. During the third month, the remaining unsold assets were determined to be worthless. The partners receive the maximum allowable payment at the end of each month.

Submission Requirements:

Part 1: Using the ACT470_Mod08-Portfolio_Option02.xls Excel spreadsheet in the Module 8 folder, prepare an installment liquidation schedule along with supporting safe payment schedules.

Part 2: Prepare a PowerPoint presentation to the partners revealing the results of your accounting work. The presentation should include at least 10 slides. Incorporate a visual of the partnership financials into the presentation.

Your responses should be complete, well written, and in conformity with CSU-Global Guide to Writing and APA Requirements (Links

ACT470-Portfolio-Option 2 40% Debit (Credit) Partners' Capital Noncash Assets Cash Liabilities A Balance prior to liquidation Sale of noncash assets in month #1 Installment distrib to Partners #1 Sale of noncash assets in month #2 Installment distrib to Partners #2 Write off noncash assets in month #3 Pay creditors Post-liquidation balances 0 0 0 0 30% 20% 10% Partners' Capital Accounts B C 0 0 D 0

Tutor Answer

Perfectsolutions
School: UT Austin

Find the attached completed work, If you have another one, please invite me to bid. Kindly give me a 5 star review to build my profile.

ACT470-Portfolio-Option 2
40%

Debit (Credit)
Balance prior to liquidation
Sale of noncash assets in month #1
Installment distrib to Partners #1
Sale of noncash assets in month #2
Installment distrib to Partners #2

Cash
94,000
31,000
125,000
18,000
143,000
28,000
171,000
-28,000

Noncash
Assets
105,000
-55,000
50,000

Partners' Capital
Liabilities
-99,000
-99,000

50,000
-32,000
18,000

-99,000

0

0

-99,000

A
-28,000
12,400
-15,600
0
-15,600
4,400
-11,200
11,200
0

Write off noncash assets in month #3
Pay creditors
Post-liquidation balances

0

0

40%

Partners' Capital

Safe Payment #1

A
-15600
Assumed Losses

ASSUME that ...

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Anonymous
Only issue was the guy's response time which was a bit long, which made me a bit anxious. Reached out to the help desk and they helped me out, turns out the tutors aren't all from US which meant there was a time difference. No issues on the quality.

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