Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The partners of Ivanhoe Company have decided to liquidate their partnership. Noncash assets were sold for $100,000. The income ratios of the partners Cisneros, Gunselman,

The partners of Ivanhoe Company have decided to liquidate their partnership. Noncash assets were sold for $100,000. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Ivanhoe Company. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Cash Noncash Assets Liabilities Cisneros, Capital Gunselman, Capital Forren, Capital

Balances before liquidation

$12,000 $72,000 $32,000 $16,000 $25,600 $10,400

Sale of noncash assets and allocation of gain

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

New balances

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

Pay liabilities

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

New balances

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

Cash distribution to partners

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

Final balances

$enter a final balance $enter a final balance $enter a final balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Tax Audit Approach And Due Diligence Related To Tax Credits

Authors: Mohamed Ben Sassi

1st Edition

6204246941, 978-6204246949

More Books

Students also viewed these Accounting questions

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

2. Define the grand narrative.

Answered: 1 week ago