Solution-Prior to liquidation the partnership had no cash

Prior to liquidation the partnership had no cash assets

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1. Prior to liquidating their partnership, Penn and Ryan had capital accounts of $160,000 and $100,000, 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 $250,000. The partnership had $15,000 of liabilities. Penn and Ryan share income and losses equally. Determine the amount received by Penn as a final distribution from liquidation of the partnership.

Reference no: EM131125729

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Prior to liquidation the partnership had no cash assets

Reference no: EM131125729

Reference no: EM131125729

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