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I need help with the C part of this problem Distribution of Cash Upon Liquidation Hewitt and Patel are partners, sharing gains and losses equally.
I need help with the C part of this problem
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 $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000.
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 | $ | $ |
Division of gain or loss on realization | ||
Balances | $ | $ |
Cash distributed to partners | ||
Final balances | $ | $ |
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