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Liquidating partnerships Prior to liquidating their partnership, Joyce and Xi had capital accounts of $50,000 and $105,000, 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 $190,000. The partnership had $10,000 of liabilities. Joyce and Xi share income and losses equally. Determine the amount received by Joyce as a linai distribution from liquidation of the partnership.

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
Chapter 12, Problem 12.5APE
Textbook Problem

Liquidating partnerships

Prior to liquidating their partnership, Joyce and Xi had capital accounts of $50,000 and $105,000, 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 $190,000. The partnership had $10,000 of liabilities. Joyce and Xi share income and losses equally. Determine the amount received by Joyce as a linai distribution from liquidation of the partnership.

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Chapter 12 Solutions

Accounting
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