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Liquidating partnerships Prior to liquidating their partnership, Manning and Adamo had capital accounts of $240.000 and $150.000, 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 $410.000. The partnership had $80.000 of liabilities. Manning and Adamo share income and losses equally. Determine the amount received by Manning as a final 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

Solutions

Chapter
Section
Chapter 12, Problem 12.5BPE
Textbook Problem

Liquidating partnerships

Prior to liquidating their partnership, Manning and Adamo had capital accounts of $240.000 and $150.000, 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 $410.000. The partnership had $80.000 of liabilities. Manning and Adamo share income and losses equally. Determine the amount received by Manning as a final distribution from liquidation of the partnership.

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Chapter 12 Solutions

Accounting
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