Excel Type. The second picture is the continuation of first picture. The results of liquidation are summarized below.RealizationBook ValueCash RealizedExpenses ofCash Wheld at endLiabilityRealizationof month for estd.PaidFuture exps.January12,00010,5005002,0004,000February7,0006,0007501,2502,000March15,00010,000600500April12,0004,000400All cash available, except the amount withheld for future expenses, is distributed at the end of each month.Required: Determ ine the share of each partner every month of distribution. Installment liquidation (Cash Priority Program and Safe payment method)D, E and F are partners sharing profits in the ratio of 40:35:25, respectively. OnDecember 31, 2006, they agree to liquidate. A balance sheet prepared on this datefollows:DEF PartnershipBalance SheetAs of December 31, 2006Cash2,000Liabilities6,000Other Assets46,000E, Loan5,000F, LoanD, CapitalE, CapitalF, Capital2,50014,45012,5507,500total48,000total48,000

Partnership refers to a business association started as contractual or mutual agreement between…

The results of liquidation are summarized below. Realization Book Value Cash Realized Expenses of Cash Wheld at end Liability Realization of month for estd. Paid Future exps. January 12,000 10,500 500 2,000 4,000 February 7,000 6,000 750 1,250 2,000 March 15,000 10,000 600 500 April 12,000 4,000 400 All cash available, except the amount withheld for future expenses, is distributed at the end of each month. Required: Detem ine the share of each partner every month of distribution.

The results of liquidation are summarized below. Realization Book Value Cash Realized Expenses of Cash Wheld at end Liability Realization of month for estd. Paid Future exps. January 12,000 10,500 500 2,000 4,000 February 7,000 6,000 750 1,250 2,000 March 15,000 10,000 600 500 April 12,000 4,000 400 All cash available, except the amount withheld for future expenses, is distributed at the end of each month. Required: Detem ine the share of each partner every month of distribution.

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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