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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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