Solved: Prior to liquidating their partnership myers and baird had, Accounting Basics

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Prior to liquidating their partnership myers and baird had

1. Prior to liquidating their partnership, Myers and Baird had capital accounts of $22,000 and $30,000, 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 $65,000. The partnership had $6,000 of liabilities. Myers and Baird share income and losses equally. Determine the amount received by Myers as a final distribution from liquidation of the partnership.

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Accounting Basics: Prior to liquidating their partnership myers and baird had

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