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The HK Partnership is liquidated when the ledger shows: Cash $60,000 90,000 44
The HK Partnership is liquidated when the ledger shows: Cash $60,000 90,000 44.000 Noncash Assets Liabilities Howell, Capital Kenton, Capital 100,000 6,000 Henson and Kaenzig income ratios are 3:2, respectively. Prepare a schedule of cash payments, assuming that the noncash assets were sold for $65,000. Assume that any partner's capital deficiencies cannot be paid to the partnership. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).)
HK Partnership Schedule of Cash Payments Cash + Noncash Assets = Item Liabilities + Henson, Capital + Kaenzig, Capital Balances before liquidation $ $ $ Sale of noncash assets and allocation of losses New balances Pay liabilities New balances Allocate capital deficiency New balances Cash Distribution Final balances Click if you would like to Show Work for this question: Open Show Work
Expert Solution
HK PartnershipSchedule of Cash PaymentsItemCash+Non Cash Assets=Liabilites+Henson Capital+Kaenzig CapitalBalance Before Liquidation 60,000 90,000 44,000 100,000 6,000Sale of Non Cash Assets and allocation of assets 65,000 (90,000) (15,000) (10,000)New Balance 125,000 - 44,000 85,000 (4,000)Pay liabilites (44,000) (44,000)New Balance 81,000 - - 85,000 (4,000)Allocate Capital Deficiency (4,000) 4,000New Balance 81,000 - - 81,000 - Cash Distribution (81,000) (81,000)Final Balance - - - - -
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