Solution-Determine the amount received by myers as a final

Determine the amount received by myers as a final

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Reference no: EM131125736

1. Prior to liquidating their partnership, Myers and Baird had capital accounts of $22,000 and $30,000, 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 $65,000. The partnership had $6,000 of liabilities. Myers and Baird share income and losses equally. Determine the amount received by Myers as a final distribution from liquidation of the partnership.

Reference no: EM131125736

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Determine the amount received by myers as a final

Reference no: EM131125736

Reference no: EM131125736

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