plz explain how to solve thxHomework Answers
Answer-Total liabilities payable=$26,000+$50,000+$4,000
=$80,000
Total assets realized=$68,000
So, there will be loss as liabilities are more than assets
Loss=$80,000-$68,000
=$12,000
$12,000 will be divided equally between Todd and Brooks
Amount received by Todd as a final distribution from liquidation of partnership:- Capital =$26,000- $6,000 (loss )($12,000*50%)
=$20,000
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