The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold...
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Accounting
The partners of Blossom Company have decided to liquidate their business. Noncash assets were sold for $ 130,900. The income ratios of the partners Cisneros, Gunselman, and Forren are 3 : 2 : 3, respectively. Complete the following schedule of cash payments for Blossom 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).)
Item
Cash
+
Noncash Assets
=
Liabilities
+
Cisneros Capital
+
Gunselman Capital
+
Forren Capital
Balance before liquidation
$ 15,000
$ 97,500
$ 49,500
$ 19,000
$ 31,900
$ 12,100
Sale of noncash assets and allocation of gain
New balances
Pay liabilities
New Balances
Cash distribution to partners
Final balances
$
$
$
$
$
$
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