Prior to liquidating their partnership, Todd and Brooks had capital accounts of $52,000 and $94,000, 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 $130,000. The partnership had $7,000 of liabilities. Todd and Brooks share income and losses equally. Determine the amount received by Todd as a final distribution from liquidation of the partnership.
$_____
Profit(Loss) on liquidation
= 130,000 - (52,000+94,000+7,000)
= (23,000)
Amount recieved by Todd
= 52,000 - Share in loss
= 52,000 - (23,000*1/2)
= 40,500
Comment if you face any issues
Prior to liquidating their partnership, Todd and Brooks had capital accounts of $52,000 and $94,000, respectively....
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