Liquidating Partnerships-Capital Deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's...
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Liquidating Partnerships-Capital Deficiency 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, $18,000 Dr.; King, $68,000 Cr.; and Tanaka, $49,000 Cr. If Nettles is personally bankrupt and unable to pay any of the $18,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies. Amount of Cash Received Nettles KingTanaka Capital balances after realization Distribution of partner deficiency Capital balances after deficiency distribution
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