Question

The partners of Crane Company have decided to liquidate their business. Noncash assets were sold for $124,380. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Crane 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).) Cash Liabilities + + Item ince before liquidation + $15,600 Noncash Assets $91,100 Cisneros Capital $19,300 Gunselman Capital $34,200 Forren Capital $12,300 $40,900 of noncash assets and allocation of gain 124380 91100 v balances 40900 liabilities 40900 Balances h distribution to partners ooO il balances

Answer 1

Item	Cash	+	Non Cash assets	=	Liabilities	+	Cisneros Capital	+	Ginselman Capital	+	Forren Capital
Balance before Liquidation	$   15,600		$              91,100		$ 40,900		$              19,300		$              34,200		$        12,300
Sale of non cash assets and adjut in capital	$ 124,380		$            -91,100				$              12,480		$                8,320		$        12,480
New balance	$ 139,980		$                     -		$ 40,900		$              31,780		$              42,520		$        24,780
Pay liabilties	$ -40,900		$                     -		$         -		$              37,155		$              24,770		$        37,155
New balances	$   99,080		$                     -		$         -		$              37,155		$              24,770		$        37,155
Cash distribution by partners	$   99,080						$              37,155		$              24,770		$        37,155
Final balances	$           -		$                     -		$         -		$                     -		$                      -		$                -