pistribution of Cash Upon LiquidationDavid Oliver and Umar Ansari, with capital balances of $42,000 and S57,000, respectively, decide to uidate their partnership Ater seling the roncash assets and paying the liabilties, there is $124,000 ofcash remaining. if the partners share income and losses equaly, how should the cash be distributed?Ef an amount is zero, enter in "0".Oliver and AnsariDistribution of CasholiverAnsariTotalCapital balances before realization42.00057,00099.000Division of gain on realizationCapital balances after realizationCash distributed to partnersFinal balances

Introduction: Partnership: Its an agreement between two or more partners for forming a business with…

Answered: pistribution of Cash Upon Liquidation…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section23.3: Dissolving A Partnership

Problem 1OYO

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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
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $36,000 and $24,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $45,000. a. What is the amount of a gain or loss on realization? $ b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". Hewitt and Patel Distribution of Cash Hewitt Patel Capital balances before realization $ $ Division of gain or loss on realization Balances $ $ Cash distributed to partners Final balances $ $
Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $46,000 and $62,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $135,000 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 $ $ $ Division of gain on realization Capital balances after realization $ $ Cash distributed to partners Final balances $ $
Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $44,000 and $59,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $129,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?
Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $42,000 and $28,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $53,000. a. What is the amount of a gain or loss on realization? $fill in the blank 69cc8204afa805c_2 b. How should the gain or loss be divided between Hewitt and Patel? Hewitt fill in the blank c0e0ee03cfeaf87_2 Patel fill in the blank c0e0ee03cfeaf87_4 c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". Hewitt and Patel Distribution of Cash Hewitt Patel Capital balances before realization $fill in the blank 1b4b3604b01d051_1 $fill in the blank 1b4b3604b01d051_2 Division of gain or loss on realization fill in the blank 1b4b3604b01d051_3 fill in the blank…

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