Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $31,000 and $42,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $91,000 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".

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
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Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with
capital balances of $31,000 and $42,000, respectively, decide to liquidate
their partnership. After selling the noncash assets and paying the liabilities,
there is $91,000 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".
Transcribed Image Text:Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $31,000 and $42,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $91,000 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".
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