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Show the schedule to estimate the amount of cash each

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The unsuccessful partnership of the Jones Brothers is about to undergo liquidation. They have asked you to estimate the amount of cash that each brother will receive. They share profits and losses equally.

Cash                                   $19,000
Liabilities                             $16,000
Noncash Assets                    102,000
Doug, Capital                        57,000
Dave, Capital                        55,000
Dan, Capital                         (7,000)
Total Balance Assets             $121,000
Total Balance Liabilities         $121,000

Both Doug and Dave are personally solvent, but Dan is not. They estimate that they will receive $57,000 from the sale of the noncash assets.

Problem 1: Show the schedule to estimate the amount of cash each brother will receive.

Reference no: EM132759516

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