3. As of January 1, 2018, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash $ 80,000 Noncash assets 205,000 Liabilities 47,000 Canton, capital (30%) 138,000 Yulls, capital (40%) 119,500 Garr, capital (30%) (19,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be S10,000. A. How much of the existing cash balance could be distributed safely to partners at this time? B. How much cash should Canton receive at this time, pursuant to a proposed schedule of liquidation?

The partnership of Maya, Nova, and Oscar was dissolved. By August 1, 2014, all assets hadbeen converted into cash and all partnership liabilities were paid. The partnership balancesheet on August 1, 2014 (with partner residual profit and loss sharing percentages) was asfollows: Cash $100,000 Maya, capital (30%) $ 8,000    Nova, capital (20%)  (120,000)    Oscar, capital (50%)  212,000 Total assets $100,000 Total equity $ 100,000  The value of partners' personal assets and liabilities on August 1, 2014 were as follows:  Maya Nova Oscar Personal assets $148,000 $240,000 $112,000 Personal liabilities  144,000  160,000  120,000  Required:Prepare the final statement of partnership liquidation.

The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 39,000 256,000 Liabilities $ 51,000 Winn, capital (50% of profits and losses) Xie, capital (38%) 69,000 87,000 Yang, capital (10%) zed, capital (18%) 49,000 39,000 Zed is personally insolvent, and one of Zed's creditors is considering suing the partnership for the $5,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $5,000 from the liquidation. Required: a. Prepare a predistribution plan to determine the amount for which the partnership must sell the other assets to ensure that Zed receives $5,000 from the liquidation. Liquidation expenses are expected to be $24,000. b. For how much must the partnership sell the other assets to ensure that Zed receives $5,000 from the liquidation? Complete this question by entering your answers in…

The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively:                     Cash $ 50,000     Liabilities $ 42,000   Other assets   150,000     Miller, capital   69,000             Tyson, capital   69,000             Watson, capital   20,000   Total assets $ 200,000     Total liabilities and capital $ 200,000       a. Assuming no liquidation expenses, calculate the safe payments that can be made to partners at this point in time.