PROBLEM #3 The XYZ Partnership is to be liquidated and you have been lyired to prepare a Schedule of Cash Payments for the Partnership. Partners X, Y, Z share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $40,000. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (if any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency.) INSTRUCTIONS A) Using the above information, complete the Schedule of Cash Payments below. B) Make the journal entries. XYZ PARTNERSHIP Schedule of Cash Payments A) ITEM Cash + Non Cash = Liabilities + Z Assets Capital Capital Capital + + Y + N amespaciado Titulo 1 Titu 12 14 15 18 Susikur INSTRUCTIONS A) Using the above information, complete the Schedule of Cash Payments below. B) Make the journal entries. XYZ PARTNERSHIP Schedule of Cash Payments A) ITEM Cash + Non Cash = Liabilities + Y Z Assets Capital Capital Capital + + Balances before liquid $10,000 $60,000 $20,000 $5,300 $14,700 $30,000 Subrayado (U) 5 Date B GENERAL JOURNAL Account Title and Explanation J Debit Ref Credit Subrayado (U)