Crane Company at December 31 has cakh $23,400, noeicash assets $103,000, liablities $55,600, and the...
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Crane Company at December 31 has cakh $23,400, noeicash assets $103,000, liablities $55,600, and the following capital balances: Floyd $42,000 and DeWit $28,000. The firm is liquidated, and $120,000 in cashis received tor the noncash assets. Flord and DeWitt income ratios are 700 and 300 , respectively Crane Compary decides to liquidate the partnership. Prepare the entries to record (Credit accoint tiles are automaticoly indented when amount it entered De not indent maruallyd a. The sale of noncash msets b. The allocation of the Eain or loss on realization to the partiners. c. Pymmens of creditors d. Dstribution of cash to the partners. Question 5 of 8 11i
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