Do Itl Review 12-3a The partners of LR Company have decided to liquidate their b

Question

Do Itl Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $114,600. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 2:3, respectively. Complete the following schedule of cash payments for LR 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).) Cash +Noncash Assets Liabilities+ Cisneros CapitalGunselman Capital + Forren Capital 15,140 Item 15,100 $89,000 $37,970 $21,490 $29,500 Balance before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Flnal balances

Explanation / Answer

Item Cash + Non Cash assets = Liabilities + Cisneros Capital     + Ginselman Capital   + Forren Capital Balance before Liquidation 15100 89000 37,970 21,490 29,500 15,140 Sale of non cash assets and adjut in capital 114600 -89000 9,600 6400 9600 New balance 129700 0% 37,970 31,090 35900 24740 Pay liabilties -37970 0 0 31090 35900 24740 New balances 91730 0 0 31,090 35,900 24,740 Cash distribution by partners 91,730 35900 24740 Finanl balances 0 0 0 0 0 0

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