# accounting ..urgent pls

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.

Requirements:

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.

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1. See if any of the accounting tutorials will assist you:

http://search.yahoo.com/search?fr=mcafee&p=accounting+tutorials

Sra

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