If the noncash assets are sold for $50,000 cash and assuming that partners with a deficit balance
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If the noncash assets are sold for $50,000 cash and assuming that partners with a deficit balance cannot contribute additional assets, determine the amount of cash, if any, that partner A will receive upon liquidation.
The trial balance for the ABC Partnership before bankruptcy is as follows:
The partners share profits and losses in the ratio 40:40:20.
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