Professional Documents
Culture Documents
Other Assets
78,000
580,000
658,000
Liabilities
Nixon
Cleveland
Pierce
Step 1
Nixon
Cleveland
Pierce
Cap Balance
P/L Ratio
190,000 50%
130,000 30%
82,000 20%
Max. Loss
380,000
433,333
410,000
Step 2
Cleveland
Pierce
Cap Balance
P/L Ratio
16,000 60%
6,000 40%
Max. Loss
26,667
15,000
First
Next
Next
60%
40%
256,000
190,000
130,000
82,000
658,000
6,300
4,200
10,500
Nixon
Cleveland Pierce
Balance
190,000
130,000
82,000
Ass. Loss (380)
190,000
114,000
76,000
Step 1 Bal.
0
16,000
6,000
Nixon
Balance
Ass. Loss (15)
Step 2 Bal.
Cleveland Pierce
0
16,000
6,000
0
9,000
6,000
0
7,000
0
13,300
17,500
380,000
15,000
Cash
Non Cash
60,000
120,000
Liabilities
Babb, Cap
Whitaker, Cap
Edwards, Cap
180,000
Liquid Exp
Beg. Balance
Loss on NC
Liquidatoin Exp.
Payment of Liab.
Potential Balance
W&E insolvent
Potential Balance
50,000
60,000
20,000
50,000
180,000
8,000
Cash
60,000
0
8,000
50,000
2,000
0
2,000
Non Cash
120,000
120,000
0
0
0
0
0
Liabilities
50,000
0
0
50,000
0
0
0
Babb
60,000
48,000
3,200
0
8,800
6,800
2,000
40%
20%
40%
Cash
Non Cash
Liquid. Exp
Beg. Balance
Loss on Non$
Liquid Exp.
Liabilities
Pot. Balance
Fred Insolvent
Pot. Balance
Beg. Balance
Gain on Non$
Adj. Balance
Liquidation Exp.
Liabilities
Pot. Balance
Maximum Liq. Exp.
Potential Balance
Fred Insolvent
Safe Balance
Beg. Balance
Distribution
Paid Liabilities
Sold Non Cash
Updated Bal.
Distribution
Updated Bal.
Paid Liabilities
Paid Liq. Exp
Updated Bal.
Distribution
100,000
200,000
300,000
Liabilities
Fred, Cap
George, Cap
80,000
100,000
120,000
300,000
10,000
Cash
100,000
0
10,000
80,000
10,000
0
10,000
Non Cash
200,000
200,000
0
0
0
0
0
Liabilities
80,000
0
0
80,000
0
0
0
Fred, Cap
100,000
120,000
6,000
0
26,000
26,000
0
Cash
50,000
220,000
270,000
10,000
40,000
220,000
Non Cash
200,000
200,000
0
0
0
0
Liabilities
40,000
0
40,000
0
40,000
0
Fred, Cap
100,000
12,000
112,000
6,000
0
106,000
8,000
2,000
0
2,000
0
0
0
0
0
0
0
0
4,800
4,800
4,800
0
Cash
100,000
10,000
40,000
220,000
270,000
220,000
50,000
40,000
8,000
2,000
2,000
Non Cash
200,000
0
0
200,000
0
0
0
0
0
0
0
Liabilities
80,000
0
40,000
0
40,000
0
40,000
40,000
0
0
0
Fred, Cap
100,000
0
0
12,000
112,000
106,000
6,000
0
4,800
1,200
1,200
Closing Balance
60%
40%
a. George, Cap
0
0
0
0
10,000
b. Liabiliites
40,000
Cash
40,000
c. Cash
220,000
Non-Cash
200,000
12,000
8,000
Fred, Cap
George, Cap
10,000
Cash
Fred, Cap
d. George, Cap
106,000
114,000
Cash
220,000
e. Liabiliites
40,000
Cash
f.
Fred,Cap
George, Cap
40,000
4,800
3,200
Cash
g.
8,000
Fred, Cap
George, Cap
1,200
800
Cash
2,000
Cash
Other Assets
Beg. Balance
Ass. Loss
Step 1 Bal.
Ass. Loss
Setp 2 Bal.
Ass. Loss
Step 3 Bal
38,000
255,000
293,000
W
68,000
68,000
0
0
0
0
0
Liabilities
W, Cap
X, Cap
Y, Cap
Z, Cap
X
90,000
40,800
49,200
49,200
0
0
0
Y
48,000
13,600
34,400
16,400
18,000
8,000
10,000
Step 1
Partner
W
X
Y
Z
Cap Bal.
P/L %
68,000 50%
90,000 30%
48,000 10%
38,000 10%
Max. Loss
136,000
300,000
480,000
380,000
Step 2
Partner
X
Y
Z
Cap Bal.
P/L %
49,200 60%
34,400 20%
24,400 20%
Max. Loss
82,000
172,000
122,000
Step 3
Partner
Y
Z
Cap Bal.
P/L %
18,000 50%
8,000 50%
Max. Loss
36,000
16,000
49,000
68,000 50%
90,000 30%
48,000 10%
38,000 10%
293,000
Z
38,000
13,600 136,000
24,400 108,000
16,400
82,000
8,000
26,000
8,000
16,000
0
10,000
Z needs 13,000
Creditors/Liquidation Exp
Only Y
Y and Z 50/50
X,Y,Z
60/20/20
Rem.
50/30/10/10
72,000
10,000
16,000
92,000
Z
8,000
Minimum
8,000
123,000
Z Needs
5,000
Collect 25,000
Cash
Non Cash
Total Assets
Beg. Bal
Ass. Loss
Step 1 Bal
Ass. Loss
Step 2 Bal
Ass. Loss
Step 3 Bal
67,000
267,000
334,000
Liabilities
Frick, Cap
Wilson, Cap
Clarke, Cap
Total L&E
41,000
159,000 60%
43,000 20%
91,000 20%
334,000
Partner
Frick
Wilson
Clarke
Cap Bal
P/L %
159,000 60%
43,000 20%
91,000 20%
Max. Loss
265,000
215,000
455,000
Partner
Frick
Clarke
Cap Bal
P/L %
30,000 75%
48,000 25%
Max. Loss
40,000
192,000
Beg. Balance
Distribution
Updated Bal
Non$ Sold
Updated
Liabilities Pd.
Updated Bal
First
Next
Next
Updated Bal
Non$ Sold
Updated Bal
Liquid Paid
Updated Bal
Final Dist
End Balance
Cash
67,000
17,000
50,000
67,000
117,000
41,000
76,000
21,000
40,000
6,000
9,000
59,000
68,000
7,000
61,000
61,000
0
Non Cash
267,000
Liabilities
Frick
Wilson
41,000 159,000 43,000
267,000
110,000
157,000
157,000
157,000
157,000
0
30,000
3,600
99,600
58,800
40,800
4,200
36,600
36,600
0
1,200
33,200
19,600
13,600
1,400
12,200
12,200
0
Clarke
91,000
17,000
74,000
8,600
65,400
65,400
21,000
10,000
1,200
33,200
19,600
13,600
1,400
12,200
12,200
0
Cash
Beg. Bal
Non Cash
Paid Liab.
Paid Liq. Exp
Check
Noncash Liabilities
67,000 267,000
41,000
0 267,000
0
41,000
41,000
9,000
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2 Cash
Frick
Wilson
Clarke
67,000
25,800
8,600
8,600
Non$ Assets
3 Liabilities
41,000
Cash
110,000
41,000
5 Cash
Frick
Wilson
Clarke
59,000
58,800
19,600
19,600
Non$ Assets
6 Liq. Exp.
157,000
7,000
Cash
7 Frick
Wilson
Clarke
7,000
39,600
13,200
13,200
Cash
66,000
Frick
159,000
160,200
5,400
6,600
Wilson
Clarke
43,000
91,000
53,400
53,400
1,800
12,200
1,800
35,800
Cash
Inventory
Plant Assets
40,000
240,000
600,000
A/P
H, Capital
J, Capital
S, Capital
340,000
200,000
180,000
160,000
880,000
880,000
Beg. Bal
Ass. Loss (400K)
Step 1 Bal
Ass. Loss (100K)
Step 2 Bal
H, Cap
200,000
200,000
0
0
0
Step 1
Partner
H
J
S
Cap Bal
P/L %
200,000 50%
180,000 30%
160,000 20%
Max. Loss
400,000
600,000
800,000
Cap Bal
P/L %
60,000 60%
80,000 40%
Max. Loss
100,000
200,000
Partner
J
S
J, Cap
180,000
120,000
60,000
60,000
0
S, Cap
160,000
80,000
80,000
40,000
40,000
50%
30%
20%