Question
R, S and T are partners in a firm that has been dissolved. On the date of dissolution the assets were as follows Cash
R, S and T are partners in a firm that has been dissolved. On the date of dissolution the assets were as follows Cash $5,900 $109,900 Non cash Assets The liabilities amounted to $ 26,800 The partners' capital account balances were: R $14,600 S $ 27,900 T $46,500 The non cash assets were sold for $27,400 and the liabilities were paid off. All partners were solvent and any deficiencies were paid in cash. What was the final cash payment made to T?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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