Solution-Determine amount received by quinn as a final

Determine amount received by quinn as a final distribution

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Reference no: EM13534138

Liquidating partnerships

Prior to liquidating their partnership, Quinn and Kestor had capital accounts of $200,000 and $120,000, 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 $240,000. The partnership had $30,000 of liabilities. Quinn and Kestor share income and losses equally. Determine the amount received by Quinn as a final distribution from liquidation of the partnership.

Reference no: EM13534138

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Determine amount received by quinn as a final distribution

Reference no: EM13534138

Reference no: EM13534138

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