David Oliver and Umar Ansari, with capital balances of $62,000 and $84,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $183,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed? If an amount is zero, enter in "0".   Oliver and Ansari Distribution of Cash   Oliver Ansari Total Capital balances before realization $62,000 $84,000 $146,000 Division of gain on realization fill in the blank  fill in the blank    Capital balances after realization $fill in the blank  $fill in the blank    Cash distributed to partners fill in the blank  fill in the blank    Final balances $fill in the blank  $fill in the blank

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
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Distribution of Cash Upon Liquidation

David Oliver and Umar Ansari, with capital balances of $62,000 and $84,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $183,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?

If an amount is zero, enter in "0".

 

Oliver and Ansari
Distribution of Cash
  Oliver Ansari Total
Capital balances before realization $62,000 $84,000 $146,000
Division of gain on realization fill in the blank  fill in the blank   
Capital balances after realization $fill in the blank  $fill in the blank   
Cash distributed to partners fill in the blank  fill in the blank   
Final balances $fill in the blank  $fill in the blank 
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