A partnership is liquidating.The partners share profits and losses equally.After liquidating the assets and paying the liabilities,the partners' capital accounts are as follows: Assume Fleet does not contribute the capital deficiency.How much cash is available to distribute to the partners?

Question

A partnership is liquidating.The partners share profits and losses equally.After liquidating the assets and paying the liabilities,the partners' capital accounts are as follows:  Assume Fleet does not contribute the capital deficiency.How much cash is available to distribute to the partners?

Quizplus · Accepted Answer

$43,000 + $20,000 - $14,000 = $49,000

A Partnership Is Liquidating