Question
David Oliver and Umar Ansari, with capital balances of $60,000 and $81,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying
David Oliver and Umar Ansari, with capital balances of $60,000 and $81,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $176,000 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".
| Oliver and Ansari | |||
| Distribution of Cash | |||
| Oliver | Ansari | Total | |
| Capital balances before realization | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| Division of gain on realization | fill in the blank 4 | fill in the blank 5 | |
| Capital balances after realization | $fill in the blank 6 | $fill in the blank 7 | |
| Cash distributed to partners | fill in the blank 8 | fill in the blank 9 | |
| Final balances | $fill in the blank 10 | $fill in the blank 11 | |
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
