Prior to liquidating their partnership, Craig and Jenny had capital accounts of $71,200 and $110,900, respectively. The partnership assets were sold for $223,330. The partnership had $26,620 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership.

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Prior to liquidating their partnership, Craig and Jenny had capital accounts of $71,200 and $110,900, respectively. The partnership assets were sold for $223,330. The partnership had $26,620 of liabilities. Craig and Jenny share income and losses equally.

Determine the amount received by Jenny as a final distribution from liquidation of the partnership.

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