Prior to liquidating their partnership, Sam and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Sam and Brian share income and losses equally Determine the amount of Sam’s deficiency. Determine the amount distributed to Brian, assuming Sam is unable to satisfy the deficiency. Show your work:

Prior to liquidating their partnership, Sam and Brian had capital accounts of $60,000 and $240,000, respectively. The partnership assets were sold for $120,000. The partnership had no liabilities. Sam and Brian share income and losses equally Determine the amount of Sam’s deficiency. Determine the amount distributed to Brian, assuming Sam is unable to satisfy the deficiency. Show your work:

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter11: Invest Or Losses

Section: Chapter Questions

Problem 28CE

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Prior to liquidating their partnership, Samuel and Brian had capital accounts of $60,000 and $240,000, respectively .The partnership assets were sold for $120,000. The partnership had no liabilities. Samuel and Brian share income and losses equally.. Required: Determine the amount of Samuel’s deficiency Determine the amount distributed to Brian, assuming Samuel is unable to satisfy the deficiency Show Your Work:.
Prior to liquidating their partnership, Samuel and Brian had capital accounts of $60,000 and $240,000, respectively .The partnership assets were sold for $120,000. The partnership had no liabilities. Samuel and Brian share income and losses equally.. Required: a. Determine the amount of Samuel's deficiency b. Determine the amount distributed to Brian, assuming Samuel is unable to satisfy the deficiency Show Your Work:.
Prior to liquidating their partnership, Heller and Warren had capital accounts of $128,000 and $67,000, respectively. The partnership assets were sold for $49,000. The partnership had no liabilities. Heller and Warren share income and losses equally. Required: a. Determine the amount of Warren's deficiency. b. Determine the amount distributed to Heller assuming that Warren is unable to satisfy the deficiency.
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Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000. What is the amount of a gain or loss on realization? How should the gain or loss be divided between Hewitt and Patel? How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0".
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