Business, 14.06.2021 19:40 stevenssimeon30
The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $43,000 are expected. The partnership balance sheet at the start of liquidation is as follows:
Cash $39,000 Liabilities $179,000
Accounts receivable 69,000 Butler, loan 39,000
Office equipment (net) 59,000 Butler, capital (25%) 95,000
Building (net) 155,000 Osman, capital (25%) 39,000
Land 145,000 Ward, capital (50%) 115,000
Total assets $467,000 Total liabilities and capital $467,000
Required:
Prepare a predistribution plan for this partnership
Answers: 2
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