The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $21,900; other assets, $143,400; liabilities, $29,100; Morgan, capital, $60,400; Rockwell, capital, $75,800. The other assets were sold for $126,600. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling O a. $60,400 Ob. $49,200 Oc. $21,900 Od. $14,600

The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership's liquidation: cash, $21,900; other assets, $143,400; liabilities, $29,100; Morgan, capital, $60,400; Rockwell, capital, $75,800. The other assets were sold for $126,600. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling O a. $60,400 Ob. $49,200 Oc. $21,900 Od. $14,600

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BD

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