The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold...
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The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $ 130,900. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Blossom 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 | $ 15,000 | $ 97,500 | $ 49,500 | $ 19,000 | $ 31,900 | $ 12,100 | ||||||
| Sale of noncash assets and allocation of gain | ||||||||||||
| New balances | ||||||||||||
| Pay liabilities | ||||||||||||
| New Balances | ||||||||||||
| Cash distribution to partners | ||||||||||||
| Final balances | $ | $ | $ | $ | $ | $ |
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