Question
A partnership has the following balance sheet prior to liquidation (partners' profit and loss ratios are in parenthases): Cash $33,000 Liabilities $50,000 Other Assets $100,000
A partnership has the following balance sheet prior to liquidation (partners' profit and loss ratios are in parenthases): Cash $33,000 Liabilities $50,000 Other Assets $100,000 Playa, Capital $24,000 (40%) Bahia, Capital $29,000 (30%) Arco, Capital 30,000 (30%) Total $133,000 Total $133,000 In addition, the other assets were sold at auction for a net amount of $65,000. Creditors agreed to accept $30,000 to pay off all claims (liabilities). There was a $12,000 payment made to cover liquidation expenses. How much did Playa receive after the liquidation
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