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The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have asked you to estimate the amount of cash that each brother will receive. They share profits and losses equally.

Cash		$20,000		Liabilities		$37,000
Noncash Assets		113,000		Doug, Capital		52,000
				Dave, Capital		51,000
				Dan, Capital		(7,000	)
		$133,000				$133,000

Both Doug and Dave are personally solvent, but Dan is not. They estimate that they will receive $68,000 from the sale of the noncash assets. Prepare a schedule to estimate the amount of cash each brother will receive. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).)

Exercise 16-3 Your answer is partially correct. Try again. The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have asked you to estimate the amount of cash that each brother will receive. They share profits and losses equally. Cash Noncash Assets $20,000 113,000 Liabilities Doug, Capital Dave, Capital Dan, Capital $37,000 52,000 51,000 (7,000) $133,000 $133,000 Both Doug and Dave are personally solvent, but Dan is not. They estimate that they will receive $68,000 from the sale of the noncash assets. Prepare a schedule to estimate the amount of cash each brother will receive. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) (1/3) Doug (1/3) Dave (1/3) Dan Capital Balances (52000) (51000) 7000 X Estimated Loss on Sale of Assets X X X X Allocate Debit Balance Estimated Cash Payment