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Complete the following schedule of cash payments

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Reference no: EM13513345

The partners of Grafton Company have decided to liquidate their business. Noncash assets were sold for $115,000. The income ratios of the partners Kale D., Croix D., and Marais K. are 2:3:3, respectively. Complete the following schedule of cash payments for Grafton Company.

GRAFTON Company

A

B

C

D

E

F

G

H

I

J

K

L

1

Item

Cash

+

Noncash assets

=

Liabilities

+

Kale D.,

Capital

+

Croix D.,

Capital

+

Marais K.,

Capital

2

Balances before liquidation

10,000

85,000

40,000

15,000

35,000

5,000

3

Sale of noncash assets

and allocation of gain










4

New balances










5

Pay liabilities










6

New balance










7

Cash distribution to

Partners










8

Final balances









 

Reference no: EM13513345

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