Question: The partners of Clash Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners M. Jones,

The partners of Clash Company have decided to liquidate their business. Noncash assets were sold for $125,000. The income ratios of the partners M. Jones, J. Strummer, and P. Simonon are 3:2:3, respectively. Complete the following schedule of cash payments for ClashCompany

M. Jones. J. Strummer, P. Simonon, Noncash + Assets 90,000 = Liabilities + Capital 40,000 + Capital Cash + Capital Item 20.000 Balances before liquidation 15,000 Sale of noncash assets 13,000 32,000 and allocation of gain New balances Pay liabilities New balances Cash distribution to partners Final balances

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