Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prior to liquidating their partnership, perkins an

Prior to liquidating their partnership, Perkins and Dunn had capital accounts of $28,000 and $40,000,...

90.2K

Verified Solution

Question

Accounting

Prior to liquidating their partnership, Perkins and Dunn had capital accounts of $28,000 and $40,000, 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 $77,000. The partnership had $3,000 of liabilities. Perkins and Dunn share income and losses equally.

Determine the amount received by Dunn as a final distribution from liquidation of the partnership

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Two hospital emergency rooms use different procedures for triage of their patients. A local health care...

Statistics
1.2K views

In a study of red/green color blindness, 1000 men and 700 women are randomly selected and...

Basic Math
1.2K views

1. An engineering firm conducts traffic studies on behalf of companies that want to build a...

Chemistry
1.2K views

You find an old bottle of aspirin whose shelf life is expired. Assuming you have a...

Basic Math
1.2K views

The head start program provides a wide range of services to low-income children up to the...

Algebra
1.2K views

Which direction is negative on the horizontal axis O Up from the origin O Right...

Algebra
1.2K views

y 7y 12 y 3y

Accounting
1.2K views

Saada Corporation uses the welghted average method in its...

Accounting
1.2K views

The board of directors of Calmont, LLC, authorized the issuance of $600,000 face value, 20-year,...

Accounting
1.2K views

The financial statements of Backwater Marina reflect depreciation expenses of $41,600 and interest expenses of...

Accounting
1.2K views

value 5.00 points Willow Products expects the following sales of its single product: March 5,100...

Accounting
1.2K views

A 30-year Canada bond is issued with par value of $1000 paying interest of 560...