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The Red, White & Blue partnership was begun with investments by the partners as follows: Red, $129,000; White, $159,000; and Blue, $156,000. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On August 31, after all assets were converted to cash and all creditors were paid, only $45,000 in partnership cash remained.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953890

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