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Do Itl Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $114,600. The income ratios of
Do Itl Review 12-3a The partners of LR Company have decided to liquidate their business. Noncash assets were sold for $114,600. 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).) Cash +Noncash Assets Liabilities+ Cisneros CapitalGunselman Capital + Forren Capital 15,140 Item 15,100 $89,000 $37,970 $21,490 $29,500 Balance before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Flnal balances
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