• The Rango Inc. at December 31 has cash $30,000, noncash assets $90,000, liabilities $45,000, and the following capital balances: Bruce $50,000 and Lee $25,000. The firm is liquidated, and $115,000 in cash is received for the noncash assets. Bruce and Lee's income ratios are 70% and 30%, respectively.
• Instructions: Prepare a schedule of cash payments.

Answer rating: 100% (QA)

Bruce ... View the full answer