The balance sheet of Ames, Beard & Craig LLP on September 26, 2006, showed cash, $20,000; noncash assets, $262,000; liabilities, $50,000; total partners' capital, $232,000. On that date, the three partners decided to dissolve and liquidate the partnership. The income-sharing ratio, which was to be used for gains and losses from realization of noncash assets, and the partners' capital account balances on September 26, 2006, were as follows (there were no loans receivable from or payable to the partners):
Prepare a cash distribution program for Ames, Beard & Craig LLP on September 26, 2006. A supporting working paper is not required.

Question

The balance sheet of Ames, Beard & Craig LLP on September 26, 2006, showed cash, $20,000; noncash assets, $262,000; liabilities, $50,000; total partners' capital, $232,000. On that date, the three partners decided to dissolve and liquidate the partnership. The income-sharing ratio, which was to be used for gains and losses from realization of noncash assets, and the partners' capital account balances on September 26, 2006, were as follows (there were no loans receivable from or payable to the partners):
 Prepare a cash distribution program for Ames, Beard & Craig LLP on September 26, 2006. A supporting working paper is not required.

Quizplus · Accepted Answer

The Answer of The balance sheet of Ames, Beard & Craig LLP on September 26, 2006, showed cash, $20,000; noncash assets, $262,000; liabilities, $50,000; total partners' capital, $232,000. On that date, the three partners decided to dissolve and liquidate the partnership. The income-sharing ratio, which was to be used for gains and losses from realization of noncash assets, and the partners' capital account balances on September 26, 2006, were as follows (there were no loans receivable from or payable to the partners):
 Prepare a cash distribution program for Ames, Beard & Craig LLP on September 26, 2006. A supporting working paper is not required.

The Balance Sheet of Ames, Beard & Craig LLP on September