The MMM Partnership is a general partnership. Martha, Mary and Marvin are all of the general partners of the MMM Partnership. The partnership was formed in 2000. Each partner made an initial capital contribution when the partnership was formed. Martha contributed $30,000, Mary contributed $20,000, and Marvin contributed $50,000. Marvin also loaned the partnership $80,000. Martha, Mary and Marvin entered into a written agreement whereby it was agreed that profits would be shared in the following manner: Martha -50% Mary - 30% Marvin- 20% The agreement has no other provisions. In March of this year, Martha, Mary and Marvin agreed to dissolve the partnership. At the time of dissolution, the partnership had total assets worth $145,000, and the partnership owed its trade creditors $15,000. The partnership had no other debt owed to non-partner creditors. List the amount each partner will receive or pay on liquidation, showing the calculation used in arriving at your results

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MMM Partnership Liquidation Calculations Step 1 Calculate the net assets available for distribution ... View the full answer