J1 General Journal Account Titles and Explanation Ref. Debit Credit Date PROBLEM 5 (13 points) At December 31, Ritz & Zimmer Company has cash $150,000, noncash assets $210,000, liabilifies 3125 following capital balances: Ritz $112,000 and Zimmer $123,000. The fim decides to liquidate, and $1 received for the sale noncash assets. Ritz and Zmmer ione sharing ratios 90,000 in cash is are 65% and 35%, respectively. Instructions a) Prepare a cash payments schedule. Note: Write clearly and use complete account names (Do not abbreviate) RITZ &ZIMMER COMPANY Schedule of Cash Payments NONCASH LLARILITIES + CAPITAL , CATI ZIMMER CAPITAL ITEM CASH ASSETs Balanie beloe 90,000 (lao,w? No.?Balau) 340,000 20,000 1200112000oo 2150 Cou b) Prepare joumal entries to record: (a) The sale of noncash assets (b) The allocation of the gain or loss on lquidation to the pariners (c) Payment of creditors (d) Distribution of cash to the partners