Current Attempt in Progress
Wildhorse Company at December has cash $ noncash assets $ liabilities $ and the following capital
balances: Floyd $ and DeWitt $ The firm is liquidated, and $ in cash is received for the noncash assets. Floyd
and DeWitt income ratios are and respectively. Wildhorse Company decides to liquidate the partnership.
Prepare the entries to record: Credit account titles are automatically indented when amount is entered. Do not indent manually.
a The sale of noncash assets.
b The allocation of the gain or loss on realization to the partners.
c Payment of creditors.
d Distribution of cash to the partners.
