Appalachian Company at December 31 has cash $40000 noncash assets $200000 liabilities $110000 and the following capital balances: Hoffman $90000 and Mena $40000. The firm is liquidated and $220000 in cash is received for the noncash assets. Hoffman and Mena income ratios are 60% and 40% respectively.
Instructions
Prepare a cash distribution schedule.

Question

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The Answer of Appalachian Company at December 31 has cash $40000 noncash assets $200000 liabilities $110000 and the following capital balances: Hoffman $90000 and Mena $40000. The firm is liquidated and $220000 in cash is received for the noncash assets. Hoffman and Mena income ratios are 60% and 40% respectively.
Instructions
Prepare a cash distribution schedule.

Appalachian Company at December 31 Has Cash $40000 Noncash Assets