Question
The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Morgan
The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership being liquidated: cash, $20,000; other assets, $160,000; liabilities, $40,000; Morgan capital, $60,000; Rockwell capital, $80,000. The other assets were sold for $139,000. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, how much cash will Morgan receive?
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Financial Reporting And Analysis Using Financial Accounting Information
Authors: Charles H Gibson
12th Edition
1439080607, 978-1439080603
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