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Liquidating Partnerships Prior to liquidating their partnership, Manning and Adamo had capital accounts of $240,000 and $150,000, 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 $410,000. The partnership had $80,000 of liabilities. Manning and Adamo share income and losses equally. Determine the amount received by Manning as a final distribution from liquidation of the partnership. $fill in the blank 1

User Zapoo
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1 Answer

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Answer:

$210,000

Step-by-step explanation:

Calculation to Determine the amount received by Manning as a final distribution from liquidation of the partnership

Amount received=80000 + 240000 + 150000 =470000

Amount received=470000-410000=60000

Amount received=60000 x .5 = 30000

Amount received=240000-30000

Amount received=$210,000

Therefore the amount received by Manning as a final distribution from liquidation of the partnership is $210,000

User Sabaz
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