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Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $20,000 Cr.; and Ramona, $30,000 Dr. Assume that after the available cash is distributed to the partners, Ramona pays $15,000 of the deficiency to the firm. How much of the $15,000 should be distributed to Everett?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953599

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