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What will be the amount of cash received by king

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Reference no: EM132473452

Liquidating Partnerships-Capital Deficiency

Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $66,000 Dr.;

King, $240,000 Cr.; and

Tanaka, $167,000 Cr.

Question 1: If Nettles is personally bankrupt and unable to pay any of the $66,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies.

 

Reference no: EM132473452

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