The partnership of Pavelski Ovechin and Oh has

experienced operating #8313

The partnership of Pavelski Ovechin and Oh has experienced operating

The partnership of Pavelski, Ovechin, and Oh has experienced operating losses for three
consecutive years. The partners, who have shared profits and losses in the ratio of Steven
Pavelski, 60 percent, Eddie Ovechin, 20 percent, and Kwan Oh, 20 percent, are considering
liquidating the business. They ask you to analyze the effects of liquidation under various
possibilities about the sale of the noncash assets. None of the partners has personal assets if
they go into a deficit financial position. They present the following partnership balance sheet
amounts at December 31, 2017:

Required

1. Prepare a summary of liquidation transactions for each of the following situations:

a. The noncash assets are sold for $145,200.

b. The noncash assets are sold for $110,400.

2. What legal recourse do the remaining partners have to be reimbursed for deficit balances?

The partnership of Pavelski Ovechin and Oh has experienced operating

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