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View Policies Current Attempt in Progress The partners of Cullumber Company have decided to liquidate their business. Noncash assets were sold for $128,500. The income
View Policies Current Attempt in Progress The partners of Cullumber Company have decided to liquidate their business. Noncash assets were sold for $128,500. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Cullumber Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Item Cash + Noncash Assets Liabilities + Cisneros Capital + Gunselman Capital Forren Capital Balance before liquidation $15,800 $93,300 $42,800 $22,900 $28,600 $14,800 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances $ $ $ $ $ $ $ Save for Later Attempts: 0 of 1 used Submit
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