The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $117,800. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Blossom Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Item Cash + Noncash Assets = Liabilities + Cisneros Capital + Gunselman Capital + Forren Capital Balance before liquidation $14,900 $82,200 $32,400 $20,600 $33,600 $10,500 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances $ $ $ $ $ $
The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $117,800. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Blossom Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Item Cash + Noncash Assets = Liabilities + Cisneros Capital + Gunselman Capital + Forren Capital Balance before liquidation $14,900 $82,200 $32,400 $20,600 $33,600 $10,500 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances $ $ $ $ $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $117,800. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Blossom Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)
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Item
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Cash
|
+ |
Noncash Assets
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= |
Liabilities
|
+ |
Cisneros Capital
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+ |
Gunselman Capital
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+ |
Forren Capital
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|
| Balance before liquidation |
$14,900
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$82,200
|
$32,400
|
$20,600
|
$33,600
|
$10,500
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| Sale of noncash assets and allocation of gain |
|
|
|
|
|
|
||||||
| New balances |
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|
|
|
|
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||||||
| Pay liabilities |
|
|
|
|
|
|
||||||
| New Balances |
|
|
|
|
|
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||||||
| Cash distribution to partners |
|
|
|
|
|
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||||||
| Final balances |
$
|
$
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$
|
$
|
$
|
$
|
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