Distribution of Cash Upon Liquidation Jason Bradley and Abdul Barak, with capita

Question

Distribution of Cash Upon Liquidation

Jason Bradley and Abdul Barak, with capital balances of $38,000 and $51,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $111,000 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".

Bradley and Barak Distribution of Cash Bradley Barak Total Capital balances before realization $ $ $ Division of gain on realization Capital balances after realization $ $ Cash distributed to partners Final balances $ $

Explanation / Answer

Distribution of Cash up on Liquidation:

Bradley and Barak Distribution of Cash Details Bradley Barak Total Capital balances before realization $ 38,000 $ 51,000 $   89,000 Division of gain on realization $ 11,000 $ 11,000 $   22,000 Capital balances after realization $ 49,000 $ 62,000 $ 111,000 Cash distributed to partners $(49,000) $(62,000) $(111,000) Final balances $        -   $        -   $          -  

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