David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $67,000 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 AnsariDistribution of Cash Oliver Ansari Total Capital balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Division of gain on realization fill in the blank 4 fill in the blank 5 Capital balances after realization $fill in the blank 6 $fi
David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $67,000 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 AnsariDistribution of Cash Oliver Ansari Total Capital balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Division of gain on realization fill in the blank 4 fill in the blank 5 Capital balances after realization $fill in the blank 6 $fi
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
David Oliver and Umar Ansari, with capital balances of $28,000 and $35,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $67,000 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 AnsariDistribution of Cash
| Oliver | Ansari | Total | |
| Capital balances before realization | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| Division of gain on realization | fill in the blank 4 | fill in the blank 5 | |
| Capital balances after realization | $fill in the blank 6 | $fill in the blank 7 | |
| Cash distributed to partners | fill in the blank 8 | fill in the blank 9 | |
| Final balances | $fill in the blank 10 | $fill in the blank 11 |
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