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Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $15,000 Dr.;
Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $15,000 Dr.; King, $46,000 Cr.; and Tanaka, $71,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $15,000, what will be the amount of cash received by King and Tanaka upon liquidation?
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
26th edition
128574361X, 978-1305446052, 1305446054, 978-1285743615
