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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 |
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