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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 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.
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