Prior to liquidating their partnership, Underwood and Russo had capital accounts of $24,000 and $88,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Underwood and Russo share income and losses equally.
Required:
a. Determine the amount of Underwood's
deficiency.
$
b. Determine the amount distributed to Russo,
assuming Underwood is unable to satisfy the deficiency.
$
Prior to liquidating their partnership, Underwood and Russo had capital accounts of $24,000 and $88,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Underwood and Russo share income and losses equally.
Required:
a. Determine the amount of Underwood's
deficiency.
$
b. Determine the amount distributed to Russo,
assuming Underwood is unable to satisfy the deficiency.
$
Prior to liquidating their partnership, Underwood and Russo had capital accounts of $24,000 and $88,000, respectively....
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