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Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $65,000 and $88,000, respectively, decide to liquidate their partnership. After selling
Distribution of Cash Upon Liquidation David Oliver and Umar Ansari, with capital balances of $65,000 and $88,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $191,000 of cash remaining, If the partners share income and losses equally, how should the cash be distributed? If an amount is zero, enter in "O". Oliver and Ansari Distribution of Cash Oliver Ansari Total 65,000 88,000 153,000 Capital balances before realization $ calizati Division of gain on realization 114,500 114,500 Capital balances after realization $ 179,500 X $ 202,500 X Cash distributed to partners 179,500 X 202,500 Final balances 0 0 Feedback Check My Work Start with the capital balance before realization. Then adjust for gains and losses (allocated to both partners) to determine the ending capital balances Check My Work Next
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