Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
The partners of Oriole Company have decided to liquidate their business. Noncash assets were sold for $128,640. The income ratios of the partners Cisneros, Gunselman,
The partners of Oriole Company have decided to liquidate their business. Noncash assets were sold for $128,640. The income ratios of the partners Cisneros, Gunselman, and Forren are 3: 2:3, respectively. Complete the following schedule of cash payments for Oriole Company. (If an amount reduces the account balance then enter with a negative sign preceding the numberes. - 15,000 or parenthesis es. (15,000.) Item Cash Noncash Assets Liabili Balance before liquidation $15,100 $90,000 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances $ $ The partners of Oriole Company have decided to liquidate their business. Noncash assets were sold for $128,640. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2:3, respectively. Complete the following schedule of cash payments for Oriole Company. (If an amount reduces the account balance then enter with a negative sign preceding the number eg, -15,000 or parenthesises. (15,000)) Cisneros Capital Liabilities $46,200 Gunselman Capital Forren Capital $16,200 $32.100 $10,600 $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started