Prior to liquidating their partnership, Dickens and Thomas had capital accounts of $55,000 and $45,000, respectively Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of those assets These partnership assets were sold for $75,000 The partnership had...

Dickenss equity prior to liquidation 55000 Realiz ...

Prior to liquidating their partnership, Dickens and Thomas had capital accounts of $55,000 and $45,000, respectively. Prior

Question:

Prior to liquidating their Dickens and Thomas had capital accounts of $55,000 and $45,000, respectively. Prior to the had no cash assets other than what was realized from the sale of those assets. These assets were sold for $75,000. The had $10,000 of liabilities. Dickens and Thomas share income and losses equally. Determine the amount received by Dickens as a final from of the Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Liquidation
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...