(Solved by Humans)-Problem: The partnership of Able, Bert, and Carl has the following trial balance on January 31, 2015

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Problem: The partnership of Able, Bert, and Carl has the following trial balance on January 31, 2015. Debit Credit Cash $        20,000 Accounts Receivable (net)            30,000 Inventory            35,000 Plant and Equipment (net)          215,000 Accounts Payable $        40,000 Able, Capital          120,000 Bert, Capital            90,000 Carl, Capital            50,000     Totals $      300,000 $      300,000 The partners share profits and losses as follows: Able, 50%, Bert, 30%, Carl, 20%. The partners have decided to liquidate their partnership by installments. Cash is distributed to the partners at the end of each month. A summary of the liquidation transactions for February follows: 1. $25,000 is collected on accounts receivable; the balance is uncollectible. 2. $20,000 received for the entire inventory. 3. $1,500 liquidation expense paid 4. $40,000 paid to creditors 5. $10,000 cash retained in the business at the end of the month.      [Hint: Use this to calculate the Statement of Safe Payments] Required: Prepare the following for the month of February. 1. Statement of Partnership Realization and Liquidation with the supporting 2.   Schedules for Save Payments to the partners ABC Partnership Statement of Partnership Realization and Liquidation From February 1, 2015, through February 28, 2015 = Able Bert Carl Cash Acct. Rec Inventory PP&E Act. Payb Capital Capital Capital Pre-liquidation Balances $        20,000 $        30,000 $        35,000 $      215,000 $        40,000 $      120,000 $        90,000 $        50,000 ABC Partnership Schedule of Safe Payments to Partners Feruary 28, 2015 Able Bert Carl 50% 30% 20% Capital Balances