Prepare a schedule of cash payments

Reference no: EM132477353

Point 1: Pharoah Company at December 31 has cash $21,200, noncash assets $102,000, liabilities $55,600, and the following capital balances: Floyd $43,000 and DeWitt $24,600. The firm is liquidated, and $115,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively.

Question 1: Prepare a schedule of cash payments.

Sale of noncash assets and allocation of gain
New balances
Pay liabilities New balances
Cash distribution to partners
Final balances

Reference no: EM132477353

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