Prior to liquidating their partnership, Kim and Cheyenne had capital accounts of $304,000 and $190,000, respectively. Prior
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Prior to liquidating their partnership, Kim and Cheyenne had capital accounts of $304,000 and $190,000, 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 $520,000. The partnership had $106,000 of liabilities. Kim and Cheyenne share income and losses equally. Determine the amount received by Kim as a final distribution from liquidation of the partnership.
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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