FirstNextNext$Cash over $Cash Distribution Plan:0 to creditors0 to Riley0 to Whitehead and Riley in a 5:2 ratio0 to Whitehead, Ellis and Riley in a 5:3:2 ratio< Cash Distribution PlanAt the time they decided to liquidate their partnership, Whitehead, Ellis and Riley had capital balances of $75,000, $60,000 and $100,000, respectively. Liabilities were$48,000 and the balance sheet showed a note receivable from Ellis in the amount of $40,000. The partners share income in a 5:3:2 ratio.Prepare a schedule showing how cash is to be distributed as it becomes available during the liquidation process.Remember to use negative signs with answers that reduce the capital balances.WhiteheadEllis60,000 $(40,000)20,000 $60,000 $060,000 $00 $Capital balances per booksDeduct loan receivablePre-liquidation balancesStandardized capital balances(a) Equalize Whitehead and Riley(b) Equalize Whitehead, Ellis & Riley$$$$$Convert equalization adjustments - (a) $Convert equalization adjustments - (b) $75,000 $075,000 $150,000 $0150,000 $00 $0 $0 $0 $0 $Riley100,0000100,000500,0000OOO OO0000

Answered: First Next Next Cash over $ $ $ tA Cash…

First Next Next Cash over $ $ $ tA Cash Distribution Plan: 0 to creditors 0 to Riley 0 to Whitehead and Riley in a 5:2 ratio 0 to Whitehead, Ellis and Riley in a 5:3:2 ratio + OO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

First
Next
Next
$
Cash over $
Cash Distribution Plan:
0 to creditors
0 to Riley
0 to Whitehead and Riley in a 5:2 ratio
0 to Whitehead, Ellis and Riley in a 5:3:2 ratio
<

Cash Distribution Plan
At the time they decided to liquidate their partnership, Whitehead, Ellis and Riley had capital balances of $75,000, $60,000 and $100,000, respectively. Liabilities were
$48,000 and the balance sheet showed a note receivable from Ellis in the amount of $40,000. The partners share income in a 5:3:2 ratio.
Prepare a schedule showing how cash is to be distributed as it becomes available during the liquidation process.
Remember to use negative signs with answers that reduce the capital balances.
Whitehead
Ellis
60,000 $
(40,000)
20,000 $
60,000 $
0
60,000 $
0
0 $
Capital balances per books
Deduct loan receivable
Pre-liquidation balances
Standardized capital balances
(a) Equalize Whitehead and Riley
(b) Equalize Whitehead, Ellis & Riley
$
$
$
$
$
Convert equalization adjustments - (a) $
Convert equalization adjustments - (b) $
75,000 $
0
75,000 $
150,000 $
0
150,000 $
0
0 $
0 $
0 $
0 $
0 $
Riley
100,000
0
100,000
500,000
0
OOO OO
0
0
0
0

Expert Solution

Notes

First creditors are paid as they are the outsider's liability.

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