Liquidating Partnerships Prior to liquidating their partnership, Perkins and Ericson had capital accounts of $62,000 and $92,000, 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 $173,000. The partnership had $6,000 of liabilities. Perkins and Ericson share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.

Liquidating Partnerships Prior to liquidating their partnership, Perkins and Ericson had capital accounts of $62,000 and $92,000, 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 $173,000. The partnership had $6,000 of liabilities. Perkins and Ericson share income and losses equally. Determine the amount received by Perkins as a final distribution from liquidation of the partnership.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 9SPB

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