Homework answers / question archive / Oriole Company at December 31 has cash $21,900, noncash assets $101,000, liabilities $51,900, and the following capital balances: Floyd $42,800 and DeWitt $28,200

Oriole Company at December 31 has cash $21,900, noncash assets $101,000, liabilities $51,900, and the following capital balances: Floyd $42,800 and DeWitt $28,200

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Oriole Company at December 31 has cash $21,900, noncash assets $101,000, liabilities $51,900, and the following capital balances: Floyd $42,800 and DeWitt $28,200. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively.

A schedule of cash payments. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).)

Item Cash + Noncash Assets= Liabilities+ Floyd, Capital+ DeWitt, Capital

Balances. $21,900 $101,000 $51,900 $42,800 $28,200

before

liquidation

Sale of noncash ? ? ? ? ?

assets and allocation of gain

New balances ? ? ? ? ?

Pay liabilities ? ? ? ? ?

New balances ? ? ? ? ?

Cash distribution to partners ? ? ? ? ?

Final balances ? ? ? ? ?