The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following:
1.The noncash assets were sold for $70,000.
2.Liabilities were paid in full.
3.The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up the capital deficiency.)
Using the above information, complete the Schedule of Cash Payments below:
Schedule of Cash Payments