Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $8,500. At the date the partnership ceases operations, the balance sheet is as follows:               Cash $ 57,000 Liabilities $ 43,500 Noncash assets   160,000 Alex, capital   96,000       Bess, capital   77,500 Total assets $ 217,000 Total liabilities and capital $ 217,000     Part A: Prepare journal entries for the following transactions:   Distributed safe cash payments to the partners. Paid $26,100 of the partnership’s liabilities. Sold noncash assets for $173,500. Distributed safe cash payments to the partners. Paid remaining partnership liabilities of $17,400. Paid $6,800 in liquidation expenses; no further expenses will be incurred. Distributed remaining cash held by the business to the partners.

The Bui, Clemente, Devian, and Toussaint partnership has terminated operations and is undergoing liquidation. Sales commissions and other liquidation expenses are expected to total $19,000. The partnership’s balance sheet prior to the commencement of liquidation is as follows: Cash $ 27,000 Liabilities $ 40,000 Noncash assets 254,000 Bui, capital (20%) 18,000     Clemente, capital (40%) 40,000     Devian, capital (20%) 48,000     Toussaint, capital (20%) 135,000 Total assets $ 281,000 Total liabilities and capital $ 281,000 Required: Prepare a predistribution plan for this partnership.

Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,500. At the date the partnership ceases operations, the balance sheet is as follows: $ 65,000 240,000 $ 47,500 168,000 89,500 Cash Liabilities Noncash assets Alex, capital Bess, capital Total liabilities and capital Total assets $ 305,000 $ 305,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $28,500 of the partnership's liabilities. c. Sold noncash assets for $257,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,000. f. Paid $5,100 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Part B: Prepare a final…