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