Before liquidating their partnership, Craig and Jenny had equity accounts of $66,040 and $120,470, respectively. The assets
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Question:
Before liquidating their partnership, Craig and Jenny had equity accounts of $66,040 and $120,470, respectively. The assets of the partnership were sold for $226,500. The partnership had $25,170 of liabilities. Craig and Jenny share the income and losses equally.
Determine the amount Jenny received as a final distribution from the partnership's liquidation.
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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