The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold for $122,840. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Sandhill Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Item   Cash + Noncash Assets = Liabilities + Cisneros Capital + Gunselman Capital + Forren Capital Balance before liquidation   $15,600   $88,600   $37,700   $16,800   $35,400   $14,300 Sale of noncash assets and allocation of gain                         New balances                         Pay liabilities                         New Balances                         Cash distribution to partners                         Final balances   $     $     $     $     $     $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold for $122,840. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Sandhill Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)

Item
 
Cash
+
Noncash Assets
=
Liabilities
+
Cisneros Capital
+
Gunselman Capital
+
Forren Capital
Balance before liquidation  
$15,600
 
$88,600
 
$37,700
 
$16,800
 
$35,400
 
$14,300
Sale of noncash assets and allocation of gain  
 
 
 
 
 
 
 
 
 
 
 
New balances  
 
 
 
 
 
 
 
 
 
 
 
Pay liabilities  
 
 
 
 
 
 
 
 
 
 
 
New Balances  
 
 
 
 
 
 
 
 
 
 
 
Cash distribution to partners  
 
 
 
 
 
 
 
 
 
 
 
Final balances  
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
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