A partnership had the following account balances: cash, $91,000; other assets, $702,000;Liabilities, $338,000; polk, capital (50% of
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A partnership had the following account balances: cash, $91,000; other assets, $702,000;Liabilities, $338,000; polk, capital (50% of profits and losses), $221,000; Garfield, capital (30%), $143,000; Arthur, capital (20%). $91,000. The company liquidated and $10,400 became available to the partners. Who would have received the $10,400?
Expert Answer:
Total assets 91000 702000 793000 Liabilities 338000 3D Partners equity 793000 338000 455000 After ... View the full answer
Related Book For 
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
