The HK Partnership is liquidated when the ledger shows: $$\begin{array} { l r }
\text { Cash } & \$ 60,000 \
\text { Noncash Assets } & 90,000 \
\text { Liabilities } & 44,000 \
\text { Howell, Capital } & 100,000 \
\text { Kenton, Capital } & 6,000
\end{array}$$ Henson and Kaenzig income ratios are 3:2 respectively.
Instructions
Prepare a schedule of cash payments assuming that the noncash assets were sold for $65000. Assume that any partner's capital deficiencies cannot be paid to the partnership.

Question

The HK Partnership is liquidated when the ledger shows: $$\begin{array} { l r } 
\text { Cash } & \$ 60,000 \
\text { Noncash Assets } & 90,000 \
\text { Liabilities } & 44,000 \
\text { Howell, Capital } & 100,000 \
\text { Kenton, Capital } & 6,000
\end{array}$$ Henson and Kaenzig income ratios are 3:2 respectively.
Instructions
Prepare a schedule of cash payments assuming that the noncash assets were sold for $65000. Assume that any partner's capital deficiencies cannot be paid to the partnership.

Quizplus · Accepted Answer

The Answer of The HK Partnership is liquidated when the ledger shows: $$\begin{array} { l r } 
\text { Cash } & \$ 60,000 \
\text { Noncash Assets } & 90,000 \
\text { Liabilities } & 44,000 \
\text { Howell, Capital } & 100,000 \
\text { Kenton, Capital } & 6,000
\end{array}$$ Henson and Kaenzig income ratios are 3:2 respectively.
Instructions
Prepare a schedule of cash payments assuming that the noncash assets were sold for $65000. Assume that any partner's capital deficiencies cannot be paid to the partnership.

The HK Partnership Is Liquidated When the Ledger Shows Henson and Kaenzig Income Ratios Are 3:2 Respectively