Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Do It! Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of

image text in transcribed

Do It! Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $125,000. 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).) Noncash Cisneros LiabilitiesCapital Gunselman Capital ImanCapi Forren Item Cash Balance efore liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances $15,000 $90,000 $40,000 $20,000 $32,000 $13,000 125000 90000 Cash distribution to partners Final balances Click if you would like to Show Work for this question: Open Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Assurance Risk And Governance

Authors: Michael Büchling

1st Edition

1485131618, 9781485131618

More Books

Students also viewed these Accounting questions

Question

Demonstrate through language that you are grateful to be informed.

Answered: 1 week ago

Question

Always mention the specifi c problem the customer faced.

Answered: 1 week ago