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Do It! Review 12-3a The partners of Cullumber Company have decided to liquidate their business. Noncash assets were sold for $131,600. The income ratios of
Do It! Review 12-3a The partners of Cullumber Company have decided to liquidate their business. Noncash assets were sold for $131,600. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2:3, respectively. Complete the following schedule of cash payments for Cullumber 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).) Item Cash Liabilities Forren Capital Noncash Assets = $92,400 Cisneros Capital + Gunselman Capital $19,100 $32,800 Balance before liquidation $15,700 $43,100 $13,100 Sale of noncash assets and allocation of gain 131600 92400 New balances Pay liabilities New Balances Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work
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