Question
Prior to liquidating their partnership, Craig and Jenny had capital accounts of $70,070 and $139,700, respectively. The partnership assets were sold for $256,500. The partnership
Prior to liquidating their partnership, Craig and Jenny had capital accounts of $70,070 and $139,700, respectively. The partnership assets were sold for $256,500. The partnership had $29,950 of liabilities. Craig and Jenny share income and losses equally.
Determine the amount received by Jenny as a final distribution from liquidation of the partnership.
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Calculation as prior to liquidate of partnerships assets sold were 256500 and liabilities were 29950 so account would be 226550 now they are having partnership ...Get Instant Access to Expert-Tailored Solutions
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Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
28th Edition
1337902683, 978-1337902687
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