Prior to liquidating their partnership, Craig and Jenny had capital accounts of $71,200 and $110,900, respectively. The partnership assets were sold for $223,330. The partnership had $26,620 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.

Prior to liquidating their partnership, Craig and Jenny had capital accounts of $71,200 and $110,900, respectively. The partnership assets were sold for $223,330. The partnership had $26,620 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.

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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