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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 |
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