The partnership of Pen, Evan, and Torves has asked you to assist in winding up its business affairs. You compile the following information:
The trial balance of the partnership on June 30, 20X1, is:
Debit Credit
Cash $6,000
Accounts Receivable (net) $22,000
Inventory $14,000
Plant and Equipment (net) $99,000
Accounts Payable $55,000
Pen, Capital $17,000
Evan, Capital $45,000
Torves, Capital $24,000
Total $141,000 $141,000
The partners share profits and losses as follows: Pen 50 percent, Evan 30 percent, and Torves 20 percent.
The partners are considering an offer of $100,000 for the accounts receivable, inventory, and plant and equipment as of June 30. The $100,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated.
Need a cash distribution plan as of June 20, 20X1, showing how much cash each partner will receive if the offer to sell the assets is accepted.
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