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What amount of cash would kelly have received

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Reference no: EM133004438

Question - The Kelly, Lackey, and Maiden partnership had the following balance sheet just before entering liquidation:

Cash $10,000

Liabilities $130,000

Noncash assets 300,000

Kelly, Capital 60,000

Lackey, Capital 40,000

Maiden, Capital 80,000

Total $310,000

Total 310,000

Kelly, Lackey, and Maiden share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $180,000. Liquidation expenses were $10,000.

Assume that Lackey was personally insolvent and could not contribute any assets to the partnership, while Kelly and Maiden were both solvent. What amount of cash would Kelly have received from the distribution of partnership assets?

Reference no: EM133004438

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