Prior to liquidating their partnership, Sam and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Sam and Brian share income and losses equally Determine the amount of Sam’s deficiency. Determine the amount distributed to Brian, assuming Sam is unable to satisfy the deficiency. Show your work:
Prior to liquidating their partnership, Sam and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Sam and Brian share income and losses equally Determine the amount of Sam’s deficiency. Determine the amount distributed to Brian, assuming Sam is unable to satisfy the deficiency. Show your work:
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 4BCRQ
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- Prior to liquidating their
partnership , Sam and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Sam and Brian share income and losses equally
- Determine the amount of Sam’s deficiency.
- Determine the amount distributed to Brian, assuming Sam is unable to satisfy the deficiency.
Show your work:
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT