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  3. 2. the partnership of dewey, cheatem, and howe has

2. The partnership of Dewey, Cheatem, and Howe has elected to cease all operations and...

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Accounting

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2. The partnership of Dewey, Cheatem, and Howe has elected to cease all operations and liquidate its busines property. A balance sheet drawn up at this time show the following account balances: . $48,000 177,000 $ 35,000 ....100 Cheatem, capital (20%) 28,000 Howe, capital (20%) 61.000 Total liabilities & capital $225,000 Noncash assets Dewey, capital (60%) 101,0 Total Asse.s..$225,000 The following transactions occur in liquidating this business: Distribute safe capital balances immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $80,000 for $48,000. Paid all liabilities. Distributed safe capital balances again. Sold remaining noncash assets for $44,000. Paid liquidation expenses of $7,000. Distributed remaining cash to the partners and closed the financial records of the business permanently. Prepare a predistribution plan and a final statement of liquidation for this partnership

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