Question
ch12-2 q6 Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Callie and Bain had capital accounts of $14,000 and $51,000, respectively. The partnership assets were sold
ch12-2 q6
Liquidating PartnershipsDeficiency
Prior to liquidating their partnership, Callie and Bain had capital accounts of $14,000 and $51,000, respectively. The partnership assets were sold for $25,000. The partnership had no liabilities. Callie and Bain share income and losses equally.
a. Determine the amount of Callie's deficiency. $_______
b. Determine the amount distributed to Bain, assuming Callie is unable to satisfy the deficiency. $_______
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People Centric Skills Interpersonal And Communication Skills For Financial Professionals
Authors: Danny M. Goldberg
2nd Edition
1119669308, 978-1119669302
