accounting ..urgent pls
posted by jessie on .
PLEASE HELP ME AND YOU ARE ALL BRIGHT AND I NEED YOUR HELP FOR SOLVING THIS PROBLEM.
PROBLEM 1: CARE p’ship at December 31 had cash amounting to $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Cassandra $45,000 and Penelope $20,000. The firm is liquidated, and $120,000 in cash is received for the noncash assets. Cassandra and Penelope income ratios are 60% and 40%, respectively.
1.Prepare a cash distribution schedule
2.Prepare the entries to record:
a.The sale of noncash assets.
b.The allocation of the gain or loss on liquidation to the partners.
c.Payment of creditors.
d.Distribution of cash to the partners.
See if any of the accounting tutorials will assist you: