The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000.
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The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000. The income ratios of the partner Kale D., Croix D., and Marais K. are 2:3:3, respectively.
Complete the following schedule of cash payments for Grafton Company.
| Item | Cash | + | Noncash assets | = | Liabilities | + | Kale D., Capital | + | Croix D., Capital | + | Marais K., Capital |
| Balances before liquidation | 10,000 | 85,000 | 40,000 | 15,000 | 35,000 | 5,000 | |||||
| Sale of noncash assets and allocation of gain | |||||||||||
| New balances | |||||||||||
| Pay liabilities | |||||||||||
| New balance | |||||||||||
| Cash distribution to Partners | |||||||||||
| Final balances |
Expert Answer:
Item Cash Noncash assets Liabilities Kale D Capital Croix D Capital Marais K Capital B... View the full answer
Related Book For 
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
