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Prior to liquidating their partnership, Craig and Jenny had capital accounts of $62,080 and $130,990, respectively. The partnership assets were sold for $233,050. The partnership had $24,730 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership. Sfill in the blank 1

Prior to liquidating their partnership, Craig and Jenny had capital accounts of $62,080 and $130,990, respectively. The partnership assets were sold for $233,050. The partnership had $24,730 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership. Sfill in the blank 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prior to liquidating their partnership, Craig and Jenny had capital accounts of $62,080 and $130,990, respectively. The partnership assets were sold for $233,050. The partnership had $24,730 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership. $fill in the blank 1
Transcribed Image Text:Prior to liquidating their partnership, Craig and Jenny had capital accounts of $62,080 and $130,990, respectively. The partnership assets were sold for $233,050. The partnership had $24,730 of liabilities. Craig and Jenny share income and losses equally. Determine the amount received by Jenny as a final distribution from liquidation of the partnership. $fill in the blank 1
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