Grouse, Flicker, and Partridge are partners sharing profits and losses 20/40/40 respectively. Their balance sheet is

[answerhappygod]

Grouse, Flicker, and Partridge are partners sharing profits and
losses 20/40/40 respectively.




Their
balance sheet is below.



































Cash





$200,000


Payables to
Creditors



$300,000


Receivable
from Grouse

50,000


Loan to
Partridge,



10,000


Receivable
from Flicker

20,000


Grouse,
Capital



240,000


Property
& Equipment

480,000


Flicker,
Capital



250,000



Goodwill





100,000


Partridge,
Capital



50,000









$850,000









$850,000






















The
business is doing poorly, and they decided to liquidate. As
such, the goodwill is non-existent.


The
goodwill was recorded when Flicker entered the business and was put
entirely into Flicker's capital.


The
non-cash assets were sold for $200,000, and there are $20,000 of
liquidation expenses.




All
partners are personally insolvent.

































Prepare a liqudation schedule showing any cash available to
the partners.