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The partnership of Wingler Norris Rodgers and Guthrie was formed several years ago as a local architectural firm Several partners have recently undergone personal financial problems and have

The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process:

When the liquidation commenced, expenses of $16,000 were anticipated as being necessary to dispose of all property. Prepare a predistribution plan for this partnership.

Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership:

1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible.

2. Sold the land, building, and equipment for $150,000.

 3. Made safe capital distributions.

4. Learned that Guthrie, who has become personally insolvent, will make no further contributions.

5. Paid all liabilities.

Jul 20 2020 Read more Less More

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