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Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are as follows:
Harriet, $27,000 and 30%, Mickey $(12,000) and 40%; Zack, $43,000 and 30%. Mickey is unable to contribute any assets to reduce the deficit.
How much cash will Harriet receive as a results of the partnership liquidation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91225678

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