The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold for $122,840. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Sandhill 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 $15,600 $88,600 $37,700 $16,800 $35,400 $14,300 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances $ $ $ $ $ $
The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold for $122,840. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Sandhill 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 $15,600 $88,600 $37,700 $16,800 $35,400 $14,300 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
Related questions
Question
100%
The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold for $122,840. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Sandhill 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 |
$15,600
|
$88,600
|
$37,700
|
$16,800
|
$35,400
|
$14,300
|
||||||
| Sale of noncash assets and allocation of gain |
|
|
|
|
|
|
||||||
| New balances |
|
|
|
|
|
|
||||||
| Pay liabilities |
|
|
|
|
|
|
||||||
| New Balances |
|
|
|
|
|
|
||||||
| Cash distribution to partners |
|
|
|
|
|
|
||||||
| Final balances |
$
|
$
|
$
|
$
|
$
|
$
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education