The partners of CS Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners Arabella, Duffl epud, and Davies are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for CS Company
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Noncash |
Kale D., |
Croix D., |
Marais K., |
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Item |
Cash |
+ Assets |
= Liabilities |
+ Capital |
+ Capital |
+ Capital |
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Balances before liquidation |
15,000 |
90,000 |
40,000 |
15,000 |
35,000 |
5,000 |
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Sale of noncash assets |
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and allocation of gain |
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New balances |
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Pay liabilities |
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New balances |
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Cash distribution to |
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partners |
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Final balances |