Question
Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Callie and Haines had capital accounts of $14,000 and $57,000, respectively. The partnership assets were sold for $29,000.
Liquidating PartnershipsDeficiency
Prior to liquidating their partnership, Callie and Haines had capital accounts of $14,000 and $57,000, respectively. The partnership assets were sold for $29,000. The partnership had no liabilities. Callie and Haines share income and losses equally.
a. Determine the amount of Callie's deficiency. $_____________
b. Determine the amount distributed to Haines, assuming that Callie is unable to satisfy the deficiency.
$___________
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Financial Accounting
Authors: Warren, Reeve, Duchac
12th Edition
1133952410, 9781133952411, 978-1133952428
