A partnership has assets of cash of $10,000 and equipment with a book value of $160,000. All
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A partnership has assets of cash of $10,000 and equipment with a book value of $160,000. All liabilities have been paid. The partners' capital accounts are as follows Kelly $80,000, Mary $60,000, and Claire $30,000. The partners share profits and losses on a 4:3:3 basis.
If the equipment is sold for $100,000 and there are no liquidation expenses what amount should Claire receive in the final settlement?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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