Baylee Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Bay $45,000 and Lee $20,000. The firm is liquidated, and $120,000 in cash is received for the noncash assets. Bay and Lee income ratios are 55% and 45%, respectively.
Instructions
Prepare a cash distribution schedule.