Question
Liquidating PartnershipsCapital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were:
Liquidating PartnershipsCapital Deficiency
Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $24,000 Dr.; King, $87,000 Cr.; and Tanaka, $65,000 Cr.
If Nettles is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies.
| Amount of Cash Received | |||
| Nettles | King | Tanaka | |
| Capital balances after realization | $ | $ | $ |
| Distribution of partner deficiency | |||
| Capital balances after deficiency distribution | $ | $ | $ |
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Statistics Principles And Methods
Authors: Richard A. Johnson, Gouri K. Bhattacharyya
7th Edition
8126557745, 470904119, 978-0470904114
