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Directions: Perform the task below. Write your answers on the space provided. You may attach an extra sheet i needed. The following data were taken from Hunter Headquarters on June 30,20A prior to liquidation: Debit balances Credit balances 13,000 70,000 Cash Liabilities 20,000 10,000 5,000 25,000 23,000 83,000 Non-cash Killua, Loan Killua, Capital Gon, Capital Leorio, Capital B3.00 CARTAS The partners share profits and losses in the ratio 3:3:4. The non-cash items were realized as follows: Non-cash 30,000 6,000 34,000 Realized for 10,000 4,000 30,000 Cash is to be distributed as it becomes available. ET USTITIA APIENT

Directions: Perform the task below. Write your answers on the space provided. You may attach an extra sheet i needed. The following data were taken from Hunter Headquarters on June 30,20A prior to liquidation: Debit balances Credit balances 13,000 70,000 Cash Liabilities 20,000 10,000 5,000 25,000 23,000 83,000 Non-cash Killua, Loan Killua, Capital Gon, Capital Leorio, Capital B3.00 CARTAS The partners share profits and losses in the ratio 3:3:4. The non-cash items were realized as follows: Non-cash 30,000 6,000 34,000 Realized for 10,000 4,000 30,000 Cash is to be distributed as it becomes available. ET USTITIA APIENT

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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Can someone make a “schedule of cash distribution”? I have provided already the statement of liquidation, I only need “Schedule of Cash Distribution”
Directions: Perform the task below. Write your answers on the space provided. You may attach an extra sheet if needed. The following data were taken from Hunter Headquarters on June 30,20A prior to liquidation: Debit balances Credit balances 13,000 70,000 Cash 20,000 10,000 5,000 25,000 23,000 83,000 Liabilities Non-cash Killua, Loan Killua, Capital Gon, Capital Leorio, Capital CARTAS 83,000 The partners share profits and losses in the ratio 3:3:4. The non-cash items were realized as follows: Non-cash 30,000 6,000 34,000 Realized for 10,000 4,000 30,000 Cash is to be distributed as it becomes available. T STITIA
Transcribed Image Text:Directions: Perform the task below. Write your answers on the space provided. You may attach an extra sheet if needed. The following data were taken from Hunter Headquarters on June 30,20A prior to liquidation: Debit balances Credit balances 13,000 70,000 Cash 20,000 10,000 5,000 25,000 23,000 83,000 Liabilities Non-cash Killua, Loan Killua, Capital Gon, Capital Leorio, Capital CARTAS 83,000 The partners share profits and losses in the ratio 3:3:4. The non-cash items were realized as follows: Non-cash 30,000 6,000 34,000 Realized for 10,000 4,000 30,000 Cash is to be distributed as it becomes available. T STITIA
Statement of Liquidation Cash Killua, Capital Gon, Capital Leorio, Capital 4 Non-Cash Liabilities Killua, Loan Balance, Beg. 70,000 (30,000) 13,000 20,000 10,000 5,000 25,000 23,000 1st Installment 10,000 (6,000) (6,000) (8,000) 6 20,000 19,000 23,000 4,000 27,000 Balance 40,000 10,000 (1,000) 15,000 7 (600) (1,600) (1,200) 2nd Installment (6,000) (600) (800) 8 Balance 34,000 20,000 10,000 18,400 14,200 9 30,000 (1,200) 17,200 3rd Installment (34,000) (1,600) 10 57,000 20,000 12,600 11 Balance 10,000 (2,800) Division of Killua negative balance 2,800 (1,200) (1,600) 12 13 Balance 57,000 20,000 10,000 16,000 11,000 Payment of Liabilities (30,000) (20,000) (10,000) 14 15 Balance 27,000 16,000 11,000 Distribution of Balance (27,000) (11,571) (15,429) 16 Balance 4,429 (4,429) 17 18 Division of Leorio negative balance (4,429) 4,429 19 Balance (0)
Transcribed Image Text:Statement of Liquidation Cash Killua, Capital Gon, Capital Leorio, Capital 4 Non-Cash Liabilities Killua, Loan Balance, Beg. 70,000 (30,000) 13,000 20,000 10,000 5,000 25,000 23,000 1st Installment 10,000 (6,000) (6,000) (8,000) 6 20,000 19,000 23,000 4,000 27,000 Balance 40,000 10,000 (1,000) 15,000 7 (600) (1,600) (1,200) 2nd Installment (6,000) (600) (800) 8 Balance 34,000 20,000 10,000 18,400 14,200 9 30,000 (1,200) 17,200 3rd Installment (34,000) (1,600) 10 57,000 20,000 12,600 11 Balance 10,000 (2,800) Division of Killua negative balance 2,800 (1,200) (1,600) 12 13 Balance 57,000 20,000 10,000 16,000 11,000 Payment of Liabilities (30,000) (20,000) (10,000) 14 15 Balance 27,000 16,000 11,000 Distribution of Balance (27,000) (11,571) (15,429) 16 Balance 4,429 (4,429) 17 18 Division of Leorio negative balance (4,429) 4,429 19 Balance (0)
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