PRINT" VERSO" BACx- Exercise 12-09 Sheridan Company at December 31 has cash $20,800, noncash assets...
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PRINT" VERSO" BACx- Exercise 12-09 Sheridan Company at December 31 has cash $20,800, noncash assets $105,000, labilities $54,600, and the following capital balances: Floyd $46,400 and Dewit $24,800. The firm is liquidated, and $120,000 in cash is received for th. noncash assets. Ford and Dewitt income ratios are 70% and 309, respectively She dan Company now decides to liquidate the partnership. Prepare the entries to record:(Credit account titles are automatically indented when amount is entered. De not indent manualWy) a. The sale of noncash assets. b. The allocation of the gain or loss on realization to the partners C. Payment of credinors d. Distribution of cash to the partners
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