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I need help on this accounting formula Crane Company at December 31 has cash $20,700, noncash assets $108,000, liabilities $52,900, and the following capital balances:
I need help on this accounting formula
Crane Company at December 31 has cash $20,700, noncash assets $108,000, liabilities $52,900, and the following capital balances: Floyd $46,600 and DeWitt $29,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Prepare a schedule of cash payments. (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). Crane Company at December 31 has cash $20,700, noncash assets $108,000, liabilities $52,900, and the following capital balances: Floyd $46,600 and DeWitt $29,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Prepare a schedule of cash payments. (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)Step by Step Solution
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