Liquidating Partnerships Prior to liquidating their partnership, MacPherson and Dunn had capital accounts of $35,000 and...
Liquidating Partnerships Prior to liquidating their partnership, MacPherson and Dunn had capital accounts of $35,000 and $66,000, respectively. Prior to liquidation, the partnership had no cash asse other than what was realized from the sale of assets. These partnership assets were sold for $120,000. The partnership had $3,000 of liabilities. MacPherson and Dunn share Income and losses equally. Determine the amount received by MacPherson as a final distribution from liquidation of the partnership. X 1. Begin with MacPherson equity prior...
Liquidating Partnerships 1. Prior to liquidating their partnership, MacPherson and Gentry had capital accounts of $45,000 and $76,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $116,000. The partnership had $5,000 of liabilities. MacPherson and Gentry share income and losses equally. Determine the amount received by MacPherson as a final distribution from liquidation of the partnership. $ 2. Liquidating Partnerships—Deficiency Prior to...
Liquidating Partnerships Prior to liquidating their partnership, Todd and Dunn had capital accounts of $66,000 and $101,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $149,000. The partnership had $8,000 of liabilities. Todd and Dunn share income and losses equally. Determine the amount received by Todd as a final distribution from liquidation of the partnership. $ Prior to liquidating their partnership, Pepper...
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $59,000 and $100,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $140,000. The partnership had $6,000 of liabilities. Ellis and Dunn share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership. $
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Dunn had capital accounts of $68,000 and $117,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $206,000. The partnership had $6,000 of liabilities. Perkins and Dunn share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Ellis and Dunn had capital accounts of $59,000 and $100,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $140,000. The partnership had $6,000 of liabilities. Ellis and Dunn share income and losses equally. Determine the amount received by Ellis as a final distribution from liquidation of the partnership. $
Liquidating Partnerships Prior to liquidating their partnership, Todd and Dunn had capital accounts of $62,000 and $119,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $216,000. The partnership had $7,000 of liabilities. Todd and Dunn share income and losses equally.
Prior to liquidating their partnership, Todd and Dunn had capital accounts of $42,000 and $66,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $121,000. The partnership had $4,000 of liabilities. Todd and Dunn share income and losses equally. Determine the amount received by Todd as a final distribution from liquidation of the partnership. $
Liquidating Partnerships Prior to liquidating their partnership, Fowler and Ericson had capital accounts of $26,000 and $38,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $57,000. The partnership had $3,000 of liabilities. Fowler and Ericson share income and losses equally. Determine the amount received by Fowler as a final distribution from liquidation of the partnership.
Liquidating Partnerships Prior to liquidating their partnership, Perkins and Brooks had capital accounts of $26,000 and $42,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership assets were sold for $65,000. The partnership had $3,000 of liabilities. Perkins and Brooks share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.