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Oriole Company at December 31 has cash $21,900, noncash assets $101,000, liabilities $51,900, and the following capital balances: Floyd $42,800 and DeWitt $28,200. The firm
Oriole Company at December 31 has cash $21,900, noncash assets $101,000, liabilities $51,900, and the following capital balances: Floyd $42,800 and DeWitt $28,200. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Royd and Dewitt income ratios are 70% and 30%. respectively. Prepare a schedule of cash payments. (Ifan amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).,) ORIOLE COMPANY Schedule of Cash Payments Item Cash Noncash AssetsLiabilities Floyd, Capital DeWitt, Capital Balances before liquidation $21,900 101,000 $51,900 $42,800 $28,200 Sale of noncash assets and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances
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