Distribution of Cash Upon Liquidation

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $18,000 and $12,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $23,000.

a. What is the amount of a gain or loss on realization?

$fill in the blank 78a4f5026030fc3_2

b. How should the gain or loss be divided between Hewitt and Patel?

Hewitt		fill in the blank 66638c07ff97fa7_2
Patel		fill in the blank 66638c07ff97fa7_4

c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0".

Hewitt and Patel
Distribution of Cash
	Hewitt	Patel
Capital balances before realization	$fill in the blank ecf71b059f9cfc2_1	$fill in the blank ecf71b059f9cfc2_2
Division of gain or loss on realization	fill in the blank ecf71b059f9cfc2_3	fill in the blank ecf71b059f9cfc2_4
Balances	$fill in the blank ecf71b059f9cfc2_5	$fill in the blank ecf71b059f9cfc2_6
Cash distributed to partners	fill in the blank ecf71b059f9cfc2_7	fill in the blank ecf71b059f9cfc2_8
Final balances	$fill in the blank ecf71b059f9cfc2_9	$fill in the blank ecf71b059f9cfc2_10