The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The partners of Sandhill Company have decided to liquidate their business. Noncash assets were sold for $122.840. The income ratio of the partners Cisneros, Gunselman, and Forte are 3: 2:3, respectively. Complete the following schedule of cash payments for Sandhill Company. (If an amount reduces the account balance then enter with a negative si preceding the number ..-15.000 or parenthesis (15,000).) Item Noncash Assets - Llabilities Cisneros Capital Gunselman Capital Forren Capital $14,300 $15,600 $88 600 $37,700 $16,800 $35,400 Balance before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances Click if you would like to Show Work for this question: Show Work
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.