The partners of LR Company have decided their business. Noncash assets were sold for $125,000. The income rations of the partners Cisneros, Gentleman, and Forren are 3: 2: 3, respectively, Complete the following schedule of cash payments for LR Company.

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Item Balance before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances Cash $15,000 125000 Noncash Assets $90,000 90000 Liabilities $40,000 Cisneros Capital $20,000 Gunselman Capital $32,000 Forren Capital $13,000 Item Balance before liquidation Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners Final balances Cash $15,000 125000 Noncash Assets $90,000 90000 Liabilities $40,000 Cisneros Capital $20,000 Gunselman Capital $32,000 Forren Capital $13,000

Answer rating: 100% (QA)

Schedule of cash payment Item Cash Non Cash assets Liabilities Cisneros capital Gunselman ... View the full answer