Prior to liquidating their partnership, Heller and Warren had capital accounts of $128,000 and $67,000, respectively. The
Question:
Prior to liquidating their partnership, Heller and Warren had capital accounts of $128,000 and $67,000, respectively. The partnership assets were sold for $49,000. The partnership had no liabilities. Heller and Warren share income and losses equally.
a. Determine the amount of Warren’s deficiency.
b. Determine the amount distributed to Wakefield, assuming that Warren is unable to satisfy the deficiency.
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a Warrens deficiency is 61000 This is calculated by subtracting Warrens capital ...View the full answer
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Related Book For 
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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