Problem 7 The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership Partners Alexa Bstsy and Coco share income and losses in the ratio of 4 3 3. respectively Assume the following 1 The noncash assets were sold for $70,000 2 Liabilities were paid in full 3 The remaining cash was distributed to the partners (It any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency ) Instructions Using the above information complete the Schedule of Cash Payments below ABC PARTNERSHIP Schedule of Cash Payments Noncash Alexa Bits' Coco Assets = Liabilities + Capital Item Cash + + + Balances before liquidation 25.000 + 150,000 = 50,000 + 25,000 + 35,000 4 65000 Problem 7 The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership Partners Alexa Bstsy and Coco share income and losses in the ratio of 4 3 3. respectively Assume the following 1 The noncash assets were sold for $70,000 2 Liabilities were paid in full 3 The remaining cash was distributed to the partners (It any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency ) Instructions Using the above information complete the Schedule of Cash Payments below ABC PARTNERSHIP Schedule of Cash Payments Noncash Alexa Bits' Coco Assets = Liabilities + Capital Item Cash + + + Balances before liquidation 25.000 + 150,000 = 50,000 + 25,000 + 35,000 4 65000