=+EX 12-21 Liquidating partnerships—

capital deficiency obj. 4

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b. $72,500 Chapter 12 Accounting for Partnerships and Limited Liability Companies 565 Bianca Houston, Jana Alsup, and KeKe Cross arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Houston and Alsup advanced $250 and $380 of their own respective funds to pay for advertising and other expenses. After collecting for all sales and paying creditors, the partnership has $1,020 in cash.